EUR/USD – 30M – SELLThe pair Euro/US Dollar (EUR/USD) jumps from the descending trendline down.
A continuation of the bearish trend down to the next support level at 1.03049 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 1.03240 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Engulfing’ candlestick pattern is existing. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.04340 |
| 2nd High | 1.03572 |
| Next High | 1.03240 |
| Current Price | 1.03062 |
| Next Low | 1.03049 |
| 2nd Low | 1.02729 |
| 3rd Low | 1.02643 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing