EUR/USD – 1H – SELLThe pair Euro/US Dollar (EUR/USD) goes from the bearish trendline downwards
A continuation of the downward movement downwards to the next support line at 1.04532 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.05241 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Three Line Strike – Bearish’ candlestick chart pattern is existing. The candles form ‘Three Line Strike – Bearish’. which is a negative pattern 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 ‘Three Line Strike – Bearish’ heading down is 84% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05390 |
| 2nd High | 1.05305 |
| Next High | 1.05241 |
| Current Price | 1.04823 |
| Next Low | 1.04532 |
| 2nd Low | 1.04252 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Three Line Strike – Bearish