EUR/USD: bearish 'Engulfing' pattern

EUR/USD: bearish 'Engulfing' pattern


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.


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.



Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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