EUR/USD – 4H – SELLThe pair Euro/US Dollar (EUR/USD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.03430 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.04471 could occur.
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. Target of the current trend is 1.0343 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the support level at 1.04471 could occur.
Consider stop-loss settings accordingly.
And also a ‘Three Outside Down’ candle chart pattern is detected. The candles form ‘Three Outside Down’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.06297 |
| 2nd High | 1.05340 |
| Next High | 1.04471 |
| Current Price | 1.03503 |
| Next Low | 1.03430 |
| 2nd Low | 1.03328 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Three Outside Down