The 5%ers' Blog

A Bearish Outside Bar Candlestick In 1D Chart On EUR/USD

June 6, 2019 | 10:16 am | The 5%ers' Blog
June 6, 2019 | 10:16 am
The 5%ers' Blog

Candlestick Pattern With Price Action Analysis For EUR/USD

Thursday 06/06/2019

On the 1D chart, the previous day’s candle has ended as an outside bar candlestick pattern, which is a reversal pattern.

We can see how this candle was engulfed the day before.

The height of the outside bar was higher than the height of the previous day, and the low of the outside Bar was lower than the previous day’s low.

Since it’s a bearish outside bar, we should look for a sell position.

In the 15M chart, there is a great supply above which is also the top of the outside bar candlestick.

If the price retraces toward the supply – it will be a great opportunity for sell position.

The first target for this position will be the support below at 1.1130 zones,

and the final target will be at 1.0750 zones.

This price action analysis relevant for swing forex traders.

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