There is a bullish engulfing bar candlestick pattern on EUR/USD that is pushing the price higher. The Stochastic, Commodity Channel Index (CCI) and the Relative Strength Index (RSI) are showing the price is oversold at the time the bullish engulfing bar candlestick pattern was formed. The overall long term trend is still down as the short term moving averages (10 and 20 period) remain below the long term moving averages (50,100 and 200 period) and the Tenken-sen continues to stay below the Kijun-sen as well. If the bullish engulfing bar candlestick pattern could push the price to the 1.2920 resistance level, we could then potentially have selling opportunities in today's London session.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.