EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) goes from the bullish trendline down.
A bearish descent downwards to the next support at 1.05275 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 1.05969 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ candle pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06542 |
| 2nd High | 1.06094 |
| Next High | 1.05969 |
| Current Price | 1.05762 |
| Next Low | 1.05275 |
| 2nd Low | 1.04571 |
| 3rd Low | 1.04252 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing