EUR/USD – 1H – SELLThe currency pair Euro/US Dollar (EUR/USD) goes from the descending trendline downwards
A continuation of the downtrend down to the next support level at 1.04485 is certain.
Caution: A possible change in the direction of the resistance line at 1.05299 could be enabled.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06094 |
| 2nd High | 1.05545 |
| Next High | 1.05299 |
| Current Price | 1.04749 |
| Next Low | 1.04485 |
| 2nd Low | 1.03328 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing