EUR/USD: "Engulfing" helped bears to get up speed
The price has got a resistance on the upper “Window” and the 89 Moving Average. So, we’ve got an “Engulfing” at the local high, which has been strongly confirmed. Therefore, bears are likely going to move on in the short term, but only when the current local correction ends. As we can see on the Daily chart, the last candles seem like an “Engulfing” pattern, so today’s candle is probably going to be black.
Bears have been pushing the market lower and lower. The last “Three Methods” pattern acted as a resistance for several times, so the price is likely going to test the local low once again. If we see a pullback later on, there’ll be an opportunity to have an upward movement in the direction of the Moving Averages.