You are here: Home > articles > Forex > Bullish reversal candlestick pattern in the 4 hour chart of EURUSD
Bullish reversal candlestick pattern in the 4 hour chart of EURUSD
May 23, 2019 6:23 pmVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
EURUSD has been trading weak all morning breaking below 1.1150 support and reaching 1.11 as expected. In previous posts continued to note that trend remains bearish as long as price is below 1.1230-1.1260 but there were significant bullish divergence signs by the RSI. EURUSD has now made a 180degree turn with a 4 hour candle looking very bullish.
Red line – important resistance trend line
Red rectangle – reversal candlestick
EURUSD has made a low at 1.1107 and closed the 4hour candlestick at 1.1182. Price remains below resistance still but traders should not ignore this long bullish reversal candle pattern. Short-term resistance is where the top of the candle is and recent highs where selling pressures started and lead to the decline to 1.11. Breaking above this level will open the way for a move towards the red resistance trend line at 1.1230. Trend will change to bullish if price breaks above 1.1230-1.1260. Until then bulls need to be cautious. Yes this is an important sign for the bullish scenario but we need to see follow through. Without any follow through this reversal pattern has no meaning.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: