Bearish Engulfing on EUR/USD

Bearish Engulfing on EUR/USD

At the moment, near the local offer zone of 1.14150-1.14300, a classic pattern of the Price Action method, Bearish Engulfing, (H1 timeframe) was formed. This formation indicates the development of the correctional movement. We recommend you to pay attention to this situation.

If the EUR/USD quotes overcome and fixate below the local support of 1.13800, one should look for entry points to the market to open short positions. The immediate goal for profit-taking is 1.13300. In the medium term, the currency may reach the level of 1.13000-1.12800. Confirmations and entry points to the market should be looked for on the lower timeframes.

by JustForex, 2017.07.10

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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