EUR/USD – 4H – SELLThe currency pair Euro/US Dollar (EUR/USD) jumps from the ascending trendline down.
A bearish trend down to the next support level at 1.04721 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.06297 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Bearish Engulfing’ candlestick pattern is existing. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. 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 | 1.09968 |
| 2nd High | 1.09367 |
| Next High | 1.06297 |
| Current Price | 1.05369 |
| Next Low | 1.04721 |
| 2nd Low | 1.04604 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing