EUR/USD – 1H – BUYThe currency pair Euro/US Dollar (EUR/USD) goes from the bearish trendline down.
A continuation of the bearish trend down to the next support at 1.03713 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.04580 could occur.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 1.03917612 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 1.04580 could occur.
Consider stop-loss settings accordingly.
In addition a ‘Matching Low’ candlestick chart pattern is existing. The candles form ‘Matching Low’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05155 |
| 2nd High | 1.05124 |
| Next High | 1.04580 |
| Current Price | 1.03930 |
| Next Low | 1.03713 |
| 2nd Low | 1.03430 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Matching Low