EUR/USD – 30M – SELLThe currency pair Euro/US Dollar (EUR/USD) moves from the bearish trendline down.
A continuation of the downward movement down to the next support level at 1.02909 is expected.
Caution: A possible counter-trend in the direction of resistance at 1.03188 is within the realm of possibility.
Consider stop-loss settings accordingly.
Then a ‘Bearish Engulfing’ chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. 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 | 1.03240 |
| 2nd High | 1.03210 |
| Next High | 1.03188 |
| Current Price | 1.03009 |
| Next Low | 1.02909 |
| 2nd Low | 1.02834 |
| 3rd Low | 1.02729 |
Trading Signals: FOREX – EUR – EUR/USD – USD – Bearish Engulfing