EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) goes from the ascending trendline down.
A descending movement down to the next support level at 1.02238 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.03752 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. this 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 ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.04580 |
| 2nd High | 1.04241 |
| Next High | 1.03752 |
| Current Price | 1.03922 |
| Next Low | 1.02238 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing