EUR/USD – 30M – SELLThe currency pair Euro/US Dollar (EUR/USD) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support line at 1.03883 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.04084 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. 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 | 1.04452 |
| 2nd High | 1.04175 |
| Next High | 1.04084 |
| Current Price | 1.03948 |
| Next Low | 1.03883 |
| 2nd Low | 1.03839 |
| 3rd Low | 1.03430 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing