Bearish Engulfing on EUR/USD

Outside Bar on USD/JPY

On the daily chart near the round level of 1.10000, which acts as a rather strong resistance, a reversal pattern of the Price Action method – Bearish Engulfing – has formed. If the price consolidates below the low of the main candlestick, we recommend selling EUR/USD. Confirmations and entry points to the market are better to look on smaller timeframes. It is necessary to reduce risks when opening positions. This transaction is a counter-trend one.

The movement is tending potentially to the "mirror" support level of 1.08200.

by JustForex, 2017.05.09

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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