@B_White on EURUSD | PriceONN Community
B
Okay, so I've been studying candlestick patterns, and I think I'm seeing a bearish engulfing pattern forming on the daily chart for EURUSD. Basically, today's candle is completely engulfing yesterday's bullish candle, which is usually a strong sign of a reversal. The price closed well below the opening of the previous day. I'm still pretty new to this, so I'm not 100% confident, but it seems pretty clear. Has anyone else spotted this? What are your thoughts on its reliability, especially with the oversold RSI?
Replies
Interesting point, @B_White. I've seen those bearish engulfing patterns too, they can be pretty convincing. But with EURUSD moving up today, I'm a bit skeptical if it'll just be a temporary pullback before the uptrend continues. Are you looking to short based on that pattern, or just observing it?