EUR/USD – 30M – SELLThe combination Euro/US Dollar (EUR/USD) goes from the descending trendline downwards
A continuation of the bearish trend down to the next support at 1.04983 will persist.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.05390 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Current target is 1.04983 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support zone at 1.05390 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bearish Engulfing’ chart pattern is discovered. The chart shows ‘Bearish Engulfing’. this is a bearish chart scenario. The 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 | 1.05940 |
| 2nd High | 1.05677 |
| Next High | 1.05390 |
| Current Price | 1.05075 |
| Next Low | 1.04983 |
| 2nd Low | 1.04721 |
| 3rd Low | 1.04604 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing