EUR/USD – 4H – BUYThe currency pair Euro/US Dollar (EUR/USD) moves from the bearish trendline down.
A continuation of the downtrend down to the next support line at 1.03832 is considered certain.
Caution: A possible change in the direction of the resistance line at 1.04471 should be noted.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Current target is 1.0343 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support level at 1.04471 should be noted.
Consider stop-loss settings accordingly.
Next a ‘Matching Low’ candle chart pattern is detected. The candles show ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06297 |
| 2nd High | 1.05340 |
| Next High | 1.04471 |
| Current Price | 1.03855 |
| Next Low | 1.03832 |
| 2nd Low | 1.03430 |
| 3rd Low | 1.03328 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Matching Low