The currency pair Euro/US Dollar (EUR/USD) jumps from the ascending trendline downwards
The bearish trend downwards to the next support level at 1.02238 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.03572 is also possible.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
Support & Resistance | Price Range* |
---|---|
3rd High | 1.04366 |
2nd High | 1.04340 |
Next High | 1.03572 |
Current Price | 1.02545 |
Next Low | 1.02238 |
2nd Low | |
3rd Low |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing