EUR/USD – 30M – SELLThe pair Euro/US Dollar (EUR/USD) jumps from the ascending trendline down.
A descent down to the next support line at 1.03883 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.04095 could occur.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candlestick pattern is found. The chart forms ‘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 chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.04452 |
| 2nd High | 1.04175 |
| Next High | 1.04095 |
| Current Price | 1.03901 |
| Next Low | 1.03883 |
| 2nd Low | 1.03839 |
| 3rd Low | 1.03430 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing