EUR/USD – 30M – BUYCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.038371 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support line at 1.04471 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘On Neck’ candlestick chart pattern is found. The chart forms ‘On Neck’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘On Neck’ going down is 56% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05155 |
| 2nd High | 1.05124 |
| Next High | 1.04471 |
| Current Price | 1.04119 |
| Next Low | 1.03430 |
| 2nd Low | 1.03328 |
| 3rd Low |