EUR/USD: "Engulfing Bullish" points to an upward correction
The last “Window” has been broken right after a “Three Methods” pattern was formed. Therefore, the market is likely going to reach the next “Window” in the short term. As we can see on the Daily chart, there’s a “Three Methods” as well, so it’s likely to see a decline towards the 89 Moving Average during the day.
The pair has been falling down since a “Harami” arrived on the Moving Average line. Considering an “Engulfing” at the local low, the price is likely going to achieve the nearest resistance. If a pullback from this level happens, there’ll be an opportunity for bears to move on and deliver a new low.