EUR/USD – 1H – SELLCorrection of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 1.13386902 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.14184 could happen.
Consider stop-loss settings accordingly.
Additionally a ‘Shooting Star’ candle chart pattern is found. The candles show ‘Shooting Star’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Shooting Star’ going down is 59% (Bull Market) & 60% (Bear Market).
Additionally a ‘Support Level’ indicator layout is existing. The indicator shows ‘Support Level’. this is usually a bearish chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.14395 |
| 2nd High | 1.14246 |
| Next High | 1.14184 |
| Current Price | 1.13668 |
| Next Low | 1.13546 |
| 2nd Low | 1.13291 |
| 3rd Low | 1.13153 |
1.14184 – 1.14246 – 1.13883 – 1.13546 – 1.13698 – 1.13291
Trading Signals: FOREX – EUR – EUR/USD – USD – Shooting Star