EUR/USD – 4H – BUYThe combination Euro/US Dollar (EUR/USD) moves from the ascending trendline down.
A bearish descent down to the next support at 1.08801 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.13807 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Northern Doji’ candle pattern is detected. The candles form ‘Northern Doji’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Moreover a ‘Double top chart pattern’ chart formation is found. The formation shows ‘Double top chart pattern’. this is a bearish pattern signal. The pair is likely to go down.
Moreover a ‘Support Level’ indicator layout is found. The indicator shows ‘Support Level’. which is often a bearish signal. The currency pair could go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.15730 |
| 2nd High | 1.14246 |
| Next High | 1.13807 |
| Current Price | 1.12476 |
| Next Low | 1.08801 |
| 2nd Low | 1.07779 |
| 3rd Low | 1.07326 |
1.13807 – 1.13805 – 1.14246 – 1.12795 – 1.12655 – 1.13077
Trading Signals: FOREX – EUR – EUR/USD – USD – Northern Doji