EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) jumps from the bearish trendline downwards
A continuation of the downtrend down to the next support level at 1.04744 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.05124 could be enabled.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candlestick pattern is existing. The candles show ‘Bearish Engulfing’. which is a negative 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’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05340 |
| 2nd High | 1.05155 |
| Next High | 1.05124 |
| Current Price | 1.03771 |
| Next Low | 1.04744 |
| 2nd Low | 1.04532 |
| 3rd Low | 1.04252 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing