EUR/USD – 1H – SELLThe combination Euro/US Dollar (EUR/USD) jumps from the ascending trendline down.
The bearish trend downwards to the next support line at 1.16595 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 1.17457 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Down’ candlestick chart pattern is found. The chart forms ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.17796 |
| Next High | 1.17457 |
| Current Price | 1.17327 |
| Next Low | 1.16595 |
| 2nd Low | 1.16297 |
| 3rd Low | 1.16077 |
1.17457 – 1.17303 – 1.17796 – 1.16595 – 1.1682 – 1.16297 — 58.911123057597 – 58.830476577169 — 78.523055472563 – 75.673575215644 – 81.104471666169 – 78.908089125927
Trading Signals: FOREX – EUR – EUR/USD – USD – Three Outside Down – – –