EUR/USD – 1H – SELLThe currency pair Euro/US Dollar (EUR/USD) goes from the ascending trendline downwards
A descending movement downwards to the next support line at 1.04721 is expected.
Caution: A possible change in the direction of the resistance level at 1.05892 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06094 |
| 2nd High | 1.05969 |
| Next High | 1.05892 |
| Current Price | 1.05780 |
| Next Low | 1.04721 |
| 2nd Low | 1.04604 |
| 3rd Low | 1.04571 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing