EUR/USD – 1H – SELLThe pair Euro/US Dollar (EUR/USD) goes from the bearish trendline down.
A continuation of the downtrend down to the next support at 1.05232 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.06070 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish pattern signal. 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 | 1.06628 |
| 2nd High | 1.06542 |
| Next High | 1.06070 |
| Current Price | 1.05867 |
| Next Low | 1.05232 |
| 2nd Low | 1.05159 |
| 3rd Low | 1.04961 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing