EUR/USD – 30M – BUYThe currency pair Euro/US Dollar (EUR/USD) breaks through the descending trendline up.
An ascent up to the next resistance at 1.13805 is certain.
Caution: A possible counter-trend in the direction of the support level at 1.12739 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Latter Bottom’ candlestick chart pattern is detected. The chart forms ‘Latter Bottom’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Latter Bottom’ going up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.13991 |
| 2nd High | 1.13883 |
| Next High | 1.13805 |
| Current Price | 1.13073 |
| Next Low | 1.12739 |
| 2nd Low | 1.12655 |
| 3rd Low | 1.12637 |
1.13805 – 1.13406 – 1.13883 – 1.12739 – 1.12655 – 1.12873
Trading Signals: FOREX – EUR – EUR/USD – USD – Latter Bottom