EUR/USD Bearish Engulfing Pattern @ Monthly Trendline Resistance
EUR/USD is still trending upwards from the October low, so we are still intermediate term bullish.
This bearish englufing pattern is the 3rd touch of this monthly trendline as resistance since 2/2/23. These 3 touches also create a horizontal resistance level.
The 6 month long uptrend is still intact and is trading in the bottom half of the uptrend channel.
This could be the start of a major turn, Small positions can be built with each pattern starting with this one with appropriate stops.
This bearish englufing pattern is the 3rd touch of this monthly trendline as resistance since 2/2/23. These 3 touches also create a horizontal resistance level.
The 6 month long uptrend is still intact and is trading in the bottom half of the uptrend channel.
This could be the start of a major turn, Small positions can be built with each pattern starting with this one with appropriate stops.