EUR/USD – 4H – BUYThe combination Euro/US Dollar (EUR/USD) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.03832 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.04580 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Matching Low’ candle chart pattern is found. The chart forms ‘Matching Low’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06297 |
| 2nd High | 1.05340 |
| Next High | 1.04580 |
| Current Price | 1.02615 |
| Next Low | 1.03832 |
| 2nd Low | 1.03430 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Matching Low