EUR/USD – 1H – SELLThe pair Euro/US Dollar (EUR/USD) jumps from the ascending trendline downwards
A descending movement downwards to the next support line at 1.05275 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.05873 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06542 |
| 2nd High | 1.06094 |
| Next High | 1.05873 |
| Current Price | 1.05697 |
| Next Low | 1.05275 |
| 2nd Low | 1.04571 |
| 3rd Low | 1.04252 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing