The pair Euro/US Dollar (EUR/USD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.1377 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.1482 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Current target is 1.140305 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support line at 1.1482 is also possible.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Belt Hold’ candle chart pattern is discovered. The chart forms ‘Bearish Belt Hold’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ going down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.16448 |
| 2nd High | 1.16216 |
| Next High | 1.1482 |
| Current Price | 1.14264 |
| Next Low | 1.1377 |
| 2nd Low | 1.13613 |
| 3rd Low | 1.13241 |
1.1482 – 1.14604 – 1.14723 – 1.1377 – 1.13909 – 1.13613 —
1.14741 – 1.14478 —
63.927580678728 – 50.055393782726 —
– —
1.1482 – 1784145600
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Belt Hold – – – – – – – – –