EUR/USD – 1H – BUYThe currency pair Euro/US Dollar (EUR/USD) moves from the bullish trendline up.
A continuation of the upward movement upwards to the next resistance level at 1.06070 is certain.
Caution: A possible counter-trend in the direction of the support zone at 1.05159 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Bullish Engulfing’ chart pattern is existing. The chart forms ‘Bullish Engulfing’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06628 |
| 2nd High | 1.06542 |
| Next High | 1.06070 |
| Current Price | 1.05866 |
| Next Low | 1.05159 |
| 2nd Low | 1.04961 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bullish Engulfing