Bearish Engulfing on EUR/USD

Bearish Engulfing on EUR/USD

At the moment, the bearish sentiment is prevailing on the EUR/USD currency pair. The trading instrument has the potential to further reduce. Near the local offer zone of 1.17550-1.17700, a number of the Price Action classic patterns, Bearish Engulfing, was formed, which is the continuation of the current trend. Local support is the level of 1.17200. We recommend you to pay attention to this situation.

If the price fixes below 1.17200, you need to look for entry points in the market to open short positions. The immediate goal for fixing profits is the "mirror" support level 1.16700. The movement is tending o 1.16250-1.16000. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2017.12.13

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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