EUR/USD Bearish Candlestick Pattern Signals Early Reversal

EUR/USD

4 hour


The EUR/USD pushed one more time higher yesterday but could have completed the wave 5 (orange) when looking at the engulfing candle stick pattern (magenta circle) and resistance nearby (red). The 4 hour support (green) could still be an important level to reckon with for any bearish potential.

1 hour


A bearish break could see price move to the Fibonacci retracement levels of wave B (green). A bullish continuation could see price move to a higher Fibonacci target.

GBP/USD

4 hour


The GBP/USD still keeps pushing higher as part of the 5th wave (green) of a bigger wave A (blue), although the candles are looking more indecisive.

1 hour


The GBP/USD has broken through the channel support (blue dotted) but still has a shallower support trend line (green) below it. For bullish potential towards targets price needs to push above 1.5825. For a bearish potential towards Fibonacci retracement levels price needs to push below the support trend line.

USD/JPY

4 hour


The USD/JPY could have completed the wave E (magenta) at the 78.6% Fibonacci retracement level although the wave can get extended into a longer correction as well.

1 hour


The USD/JPY is in between support and resistance trend lines and building a triangle. A break above or below the triangle could indicate a breakout.

 
Intro to Forex

Get this eBook if you would like to learn more about Foreign Exchange basics and find out how Forex markets work.

 
 

Learn more about Forex Trade and Trading in Australia with us!

X
Loading