EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support line at 1.04983 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.05390 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candle chart pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish 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 | 1.05940 |
| 2nd High | 1.05677 |
| Next High | 1.05390 |
| Current Price | 1.05008 |
| Next Low | 1.04983 |
| 2nd Low | 1.04721 |
| 3rd Low | 1.04604 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing