EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) goes from the descending trendline downwards
A continuation of the downward movement down to the next support level at 1.05159 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.06070 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candle pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06628 |
| 2nd High | 1.06542 |
| Next High | 1.06070 |
| Current Price | 1.05865 |
| Next Low | 1.05159 |
| 2nd Low | 1.04961 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing