USDCHF Bullish Engulfing 4-Hour Chart

Resistance: 0.9338 moderate / 0.9369 minor / 0.9405 minor

Support: 0.9302 strong / 0.9271 moderate / 0.9235 minor

We have a medium credibility pattern Bullish Engulfing in 4-Hour charts. Though ideally this needs a confirmation before trading, with prices just above a strong support consider buys off 0.9302, the Pivot Point. Stop losses can be placed just under the said price or alternatively the pattern low if beneath the Pivot Point.

For pattern explanation and visual identification rules, click here.

   

EURUSD Bearish Engulfing 4-Hour Chart

Resistance: 1.3213 strong / 1.3265 moderate / 1.3342 minor

Support: 1.3136 moderate / 1.3084 minor / 1.3007 minor

Bearish Engulfing is just under the pivot point in EURUSD 4-Hour charts, a moderate bearish pattern below a strong resistance. Given proximity to 1.3213, we can consider shorts under the said price with stops placed above the Pivot Point for a low risk-high reward trade. Immediate objective is 1.3136 then on to 1.3084 break of which gives us a run on the market.

For pattern explanation and visual identification rules, click here.

   

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