EUR/USD – 30M – SELLThe combination Euro/US Dollar (EUR/USD) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 1.04532 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.04803 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05305 |
| 2nd High | 1.05207 |
| Next High | 1.04803 |
| Current Price | 1.04938 |
| Next Low | 1.04532 |
| 2nd Low | 1.04252 |
| 3rd Low | 1.03918 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing