EUR/USD: "Engulfing" at the local low

EUR/USD: "Engulfing" at the local low

1105eurusdh4.png

There's a bearish "Tower" pattern, which has been confirmed enough. Therefore, the market is likely going to decline towards the 55 Moving Average. If we see any bullish pattern on this line afterwards, there'll be an opportunity to have another upward price movement.

1107eurusdh1-2.png

We've got a confirmed "Engulfing" at the local low. Considering confirmation of this pattern, the pair is likely going to get support on the 55 Moving Average. If a pullback from this line happens, the current upward correction will go on.

eur

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