EUR/USD – 1H – SELLThe combination jumps from the descending trendline downwards
A continuation of the downward movement down to the next support level at 1.05946 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 1.06628 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Black Crows’ candlestick pattern is found. The chart shows ‘Three Black Crows’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.08243 |
| 2nd High | 1.07971 |
| Next High | 1.06628 |
| Current Price | 1.06175 |
| Next Low | 1.05946 |
| 2nd Low | |
| 3rd Low |