Bullish Engulfing on EUR/USD

Bullish Engulfing on EUR/USD

The current technical pattern indicates a possible correction of the EUR/USD currency pair after a significant fall in the past two months. Near the round level of 1.16000, a classic pattern of the Price Action, Bullish Engulfing, (D1 timeframe), which currently acts as a reversal formation, has been formed. The EUR/USD quotes are testing the key resistance at 1.17000. We recommend paying attention to this situation.

In case of breakdown and retest of the 1.17000 mark, it is necessary to consider buying EUR/USD. The closest target for fixing profit is the resistance level of 1.18250. In the medium term, the trading instrument may reach the level of 1.19500-1.20250. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.06.04

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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