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Since the above chart is a “Weekly” look at the Dollar, nothing is confirmed on a Monday morning, yet the potential that a “Bearish Engulfing Candlestick Pattern” might have taken place last week should be respected. This pattern in the past has had a huge impact on the Dollar at each (1), keep a close eye on this one!
Could this be a continuation of the “Rejection” post shared two weeks ago? (see post here)
As time grows I suspect many will see this pattern and it will be discussed across the technical community. For this pattern read to be confirmed/correct, the Dollar needs to be lower 5 to 10 business days from now (due to this is a weekly pattern)!
Confirmed pattern at this time? No!!! Potential bearish pattern? YES!