EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) moves from the bearish trendline down.
A continuation of the bearish trend down to the next support level at 1.03883 is certain.
Caution: A possible change in the direction of the resistance line at 1.04471 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05155 |
| 2nd High | 1.05124 |
| Next High | 1.04471 |
| Current Price | 1.03919 |
| Next Low | 1.03883 |
| 2nd Low | 1.03839 |
| 3rd Low | 1.03430 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing