EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) moves from the ascending trendline downwards
A bearish movement down to the next support at 1.04571 is considered certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.06094 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06628 |
| 2nd High | 1.06542 |
| Next High | 1.06094 |
| Current Price | 1.05661 |
| Next Low | 1.04571 |
| 2nd Low | 1.04252 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing