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Bearish engulfing candle on the daily chart

Bearish engulfing candle on the daily chart | 10 November 2020

10 November 2020, EUR/USD

Bearish engulfing candle on the daily chart

Wave Analysis

Yesterday, Euro bounced off nicely from the upper resistance zone, headed straight to the lowerside and is still very bearish both on the daily and on the weekly charts. On this chart, we are looking for long term sell positions expecting price to continue to the lower side with an ultimate target set along the lower trendline. If the price instead breaks and closes above 1.19349, then we may consider a possible buy position but with an ultimate target at 1.20050 and could breakout much higher.

Trade Recommendations:

Look for low risk sell positions towards 1.16240.

Bob Stan
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