EUR/USD: "Engulfing" gives a free hand to bulls
Despite of the current upward movement, the main bearish trend is still on the table. So, it’s likely that the middle of the last huge black candle is going to act as a resistance once again. Also, we haven’t got any reversal pattern so far, which makes possible an achievement of the 89 Moving Average. As we can see on the Daily chart, there’re two “High Waves”, which both have been confirmed, so bulls are probably going to reach the nearest resistance level.
There’s a “Shooting Star” at the local high, but also we’ve got an “Engulfing” at the last low, which has been confirmed enough. So, the current upward movement is likely going to move on.