EUR/USD: bearish 'Engulfing' led to decline

EUR/USD: bearish 'Engulfing' led to decline

2706eurusdh4 (1).png

The last bearish 'Engulfing' led to the current decline. Also, there's a 'Three Methods', so the market is likely going to test the next support at 1.1511. A pullback from this level could be a departure point for another upward price movement.

2706eurusdh1 (1).png

There's a bearish 'Harami', so the pair is going to reach the lower 'Window' (1.1609). If a pullback from this level happens little later on, bulls will probably try to reach the nearest resistance at 1.1677.

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EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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