EUR/USD: "Engulfing" points to bearish correction
The price has been moving up since Monday. Moreover, the nearest “Window” has been broken, but there’s a possible “Harami” pattern. If it confirms, bears will probably try to deliver a local correction. As we can see on the Daily chart, the last candles are bullish and we haven’t got any reversal pattern so far. In this case, the market is likely going to rise until any bearish pattern appears.
There’s a possible “Engulfing” pattern at the local high. So, the pair is likely going to get a support on the lower side of the previously broken “Window”. If we see a pullback from this level, there’ll be an opportunity to have a new high.