EURUSD (1.2276): The EURUSD was seen closing with strong gains as price action posted a bullish engulfing pattern on the daily chart. This could suggest some upside momentum in price action. Currently, EURUSD is seen trading near the 1.2260 level. A reversal near this price level could suggest the bearish trend being resumed. However, further continuation could put EURUSD on path to retest the major resistance level near 1.2333 and could invalidate the bearish flag pattern. Watch for a hidden bearish divergence on the 4-hour Stochastics indicator which could signal a move to the downside.
: The EURUSD was seen closing with strong gains as price action posted a bullish engulfing pattern on the daily chart. This could suggest some upside momentum in price action. Currently, EURUSD is seen trading near the 1.2260 level. A reversal near this price level could suggest the bearish trend being resumed. However, further continuation could put EURUSD on path to retest the major resistance level near 1.2333 and could invalidate the bearish flag pattern. Watch for a hidden bearish divergence on the 4-hour Stochastics indicator which could signal a move to the downside.){kind=link}