EUR/USD – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is certain. Current target is 1.04936 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the resistance zone at 1.05124 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Three Outside Up’ candlestick chart pattern is detected. The chart forms ‘Three Outside Up’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05340 |
| 2nd High | 1.05155 |
| Next High | 1.05124 |
| Current Price | 1.04861 |
| Next Low | 1.04794 |
| 2nd Low | 1.04744 |
| 3rd Low | 1.04532 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Three Outside Up