EUR/USD – 1H – SELLThe currency pair Euro/US Dollar (EUR/USD) moves from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 1.02729 is likely expected.
Caution: A possible change in the direction of resistance at 1.03572 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candle chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative 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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.04366 |
| 2nd High | 1.04340 |
| Next High | 1.03572 |
| Current Price | 1.03105 |
| Next Low | 1.02729 |
| 2nd Low | 1.02238 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing