EUR/USD – 4H – SELLThe combination Euro/US Dollar (EUR/USD) jumps from the ascending trendline downwards
A bearish movement down to the next support level at 1.03430 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.04471 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles form ‘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 chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06297 |
| 2nd High | 1.05340 |
| Next High | 1.04471 |
| Current Price | 1.03873 |
| Next Low | 1.03430 |
| 2nd Low | 1.03328 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing