EUR/USD: 'Engulfing' pattern

EUR/USD: 'Engulfing' pattern

2019-11-11 • Updated


There's an 'Engulfing' pattern, which has been formed on the 89 Moving Average. So, the market is likely going to test the nearest support at 1.1327. The subsequent pullback from this level could lead to another upward price movement towards the next resistance at 1.1383.


The upper 'Window' has acted as resistance, so there's an 'Engulfing' pattern, which has been confirmed. Therefore, we should keep an eye on the closest support at 1.1327 as a possible departure point for a bullish rally in the direction of the previously tested resistance at 1.1383.


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