EUR/USD – 1H – SELLThe currency pair Euro/US Dollar (EUR/USD) jumps from the descending trendline down.
A continuation of the downward movement down to the next support at 1.05232 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.06070 is also possible.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06628 |
| 2nd High | 1.06542 |
| Next High | 1.06070 |
| Current Price | 1.05782 |
| Next Low | 1.05232 |
| 2nd Low | 1.05159 |
| 3rd Low | 1.04961 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing