EUR/USD: bearish 'Engulfing' pattern

Read the article on FBS website

0511eurusdh4.png

There's a pullback from the 55 Moving Average line, so we've got a bearish 'Engulfing' pattern. In this case, we should watch the nearest support at 1.1343 as an intraday target. A pullback from this level could be a departure point for another bullish price movement towards the previously tested resistance at 1.1447.

0511eurusdh1.png

The 89 Moving Average is acting as resistance. However, there's a bullish 'High Wave', but confirmation of this pattern is weak. So, the pair is likely going to test the upper 'Window' (1.1401) and the next support at 1.1343 afterwards.

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.