EUR/USD – 1H – SELLThe pair Euro/US Dollar (EUR/USD) jumps from the descending trendline down.
A continuation of the downtrend down to the next support level at 1.03439 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 1.04222 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Last Engulfing Bottom:’ candle chart pattern is discovered. The candles show ‘Last Engulfing Bottom:’. this is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.05155 |
| 2nd High | 1.05124 |
| Next High | 1.04222 |
| Current Price | 1.03631 |
| Next Low | 1.03439 |
| 2nd Low | 1.03328 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Last Engulfing Bottom: