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Intraday commentary on patterns

EURUSD Bullish Engulfing Hourly Chart

Mon, Jul 23 2012, 10:58 GMT
by Mark De La Paz | FX Instructor

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Resistance: 1.2119 minor/1.2174 minor/1.2214 moderate

Support: well below forecasted values

Overall trend in EURUSD is bearish though Hourly charts appear to be overextend. With a mid level reversal pattern, Bullish Engulfing we risk a technical correction though this is likely to be limited to 1.2119. The prudent course of action is to remain sidelined.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices

Published On Mon, Jul 23 2012, 11:00 GMT Previous entries

Mark De La Paz

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Mark's interest in financial markets has been an ongoing affair, starting from college, where he dabbled in the local equity markets with his college fund. Finishing his BA in Public Administration, Mark remained passionate about trading, and started out working in the niche brokerage business among bank traders.

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Intraday commentary on patterns

EURUSD Bullish Engulfing Hourly Chart

Daily Live Trading Room

Mark De La Paz

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Legal disclaimer and risk disclosure

Website improvements

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