EUR/USD – 1H – BUYThe currency pair Euro/US Dollar (EUR/USD) breaks through the bearish trendline upwards
An ascent up to the next resistance level at 1.05299 will persist.
Caution: A possible reversal of the trend in the direction of the support zone at 1.04252 could occur.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ candlestick pattern is detected. The chart shows ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06094 |
| 2nd High | 1.05545 |
| Next High | 1.05299 |
| Current Price | 1.04723 |
| Next Low | 1.04252 |
| 2nd Low | 1.03328 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bullish Engulfing