EUR/USD – 30M – SELLThe combination Euro/US Dollar (EUR/USD) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support line at 1.02643 will continue.
Caution: A possible change in the direction of the resistance zone at 1.03752 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Last Engulfing Bottom:’ candlestick chart pattern is existing. The candles form ‘Last Engulfing Bottom:’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Bottom:’ going 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 | 1.02764 |
| Next Low | 1.02643 |
| 2nd Low | 1.02238 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Last Engulfing Bottom: