Indicators and patterns
10/31/2024
Indicators and patterns
The "Advance Block" pattern is a bearish reversal pattern that occurs during an uptrend. It consists of three consecutive green candlesticks with small bodies and higher closes. Each candlestick opens higher than the previous one but fails to make significant progress, indicating weakening buying pressure.In this case, the Advance Block pattern has been identified on the EUR/USD 30-minute chart. The signal generated is "Sell" with a price of 1.08834 at the candlestick closing time on October 31, 2024, at 20:30 UTC. This suggests a potential reversal of the uptrend in the EUR/USD pair based on the pattern's bearish implications. Traders may consider this signal as an opportunity to enter a short position or to monitor the price action for further confirmation of a downtrend.
This is not investment advice. Remember to verify the information provided here.
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