EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) goes from the bearish trendline down.
A continuation of the downtrend down to the next support line at 1.04571 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.05842 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles form ‘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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06094 |
| 2nd High | 1.05969 |
| Next High | 1.05842 |
| Current Price | 1.05212 |
| Next Low | 1.04571 |
| 2nd Low | 1.04252 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing