EUR/USD – 1H – SELLThe currency pair Euro/US Dollar (EUR/USD) moves from the descending trendline downwards
A continuation of the downward movement down to the next support line at 1.02238 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.03752 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Last Engulfing Bottom:’ candle pattern is detected. The chart shows ‘Last Engulfing Bottom:’. which 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 ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.04580 |
| 2nd High | 1.04241 |
| Next High | 1.03752 |
| Current Price | 1.02888 |
| Next Low | 1.02238 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Last Engulfing Bottom: