EUR/USD – 1H – BUYThe currency pair Euro/US Dollar (EUR/USD) breaks through the descending trendline up.
An ascending movement up to the next resistance line at 1.05437 is expected.
Caution: A possible trend reversal in the direction of the support level at 1.04721 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Engulfing’ chart pattern is detected. The chart shows ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to rise. 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 | 1.05969 |
| 2nd High | 1.05842 |
| Next High | 1.05437 |
| Current Price | 1.05666 |
| Next Low | 1.04721 |
| 2nd Low | 1.04604 |
| 3rd Low | 1.04571 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bullish Engulfing