EUR/USD – 1H – BUYThe combination Euro/US Dollar (EUR/USD) moves from the ascending trendline downwards
A bearish descent downwards to the next support line at 1.04051 is likely expected.
Caution: A possible change in the direction of the resistance level at 1.04299 could occur.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.041515 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the support zone at 1.04299 could occur.
Consider stop-loss settings accordingly.
In addition a ‘Matching Low’ candlestick pattern is detected. The candles show ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05124 |
| 2nd High | 1.04471 |
| Next High | 1.04299 |
| Current Price | 1.04218 |
| Next Low | 1.04051 |
| 2nd Low | 1.03832 |
| 3rd Low | 1.03430 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Matching Low