EUR/USD: bearish 'Engulfing' pattern

EUR/USD: bearish 'Engulfing' pattern

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.

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