EUR/USD – 1H – BUYThe currency pair Euro/US Dollar (EUR/USD) breaks through the descending trendline upwards
An ascent upwards to the next resistance level at 1.08579 is considered certain.
Caution: A possible trend reversal in the direction of the support line at 1.07969 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Northern Doji’ candlestick chart pattern is found. The candles show ‘Northern Doji’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
Then a ‘Double top chart pattern’ chart formation is existing. The chart shows ‘Double top chart pattern’. which is a bearish pattern signal. The currency pair is likely to fall.
Then a ‘Support Level’ indicator signal is discovered. The indicator shows ‘Support Level’. this is usually a bullish chart scenario. The currency pair is likely to rise.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.09176 |
| 2nd High | 1.08614 |
| Next High | 1.08579 |
| Current Price | 1.08023 |
| Next Low | 1.07969 |
| 2nd Low | 1.07653 |
| 3rd Low | 1.03886 |
1.08579 – 1.08614 – 1.08586 – 1.07969 – 1.08149 – 1.08606
Trading Signals: FOREX – EUR – EUR/USD – USD – Northern Doji