EUR/USD – 1H – BUYThe currency pair Euro/US Dollar (EUR/USD) breaks through the descending trendline up.
An ascending movement up to the next resistance level at 1.05245 is likely expected.
Caution: A possible change in the direction of the support line at 1.04532 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bullish Engulfing’ candlestick chart pattern is detected. The chart shows ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05390 |
| 2nd High | 1.05305 |
| Next High | 1.05245 |
| Current Price | 1.05201 |
| Next Low | 1.04532 |
| 2nd Low | 1.04252 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bullish Engulfing