EUR/USD – 1H – BUYThe combination Euro/US Dollar (EUR/USD) breaks through the descending trendline up.
An ascent upwards to the next resistance line at 1.04095 will continue.
Caution: A possible reversal of the trend in the direction of support at 1.03832 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three Outside Up’ chart pattern is discovered. The candles form ‘Three Outside Up’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05124 |
| 2nd High | 1.04471 |
| Next High | 1.04095 |
| Current Price | 1.04013 |
| Next Low | 1.03832 |
| 2nd Low | 1.03430 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Three Outside Up