EUR/USD Bearish Candlestick Pattern Signals Early Reversal

2 min read

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.

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