Daily Chart Bullish Engulfing Bar

Price on the daily chart of this pair has formed a bullish engulfing bar.

Whilst this is a large and clear engulfing bar candlestick, it comes after price has made a large sell off lower. It also has formed below a daily resistance level.

That means for price to make a move back higher it will have to break through the very close overhead resistance.

Whilst it very well may do that, anyone looking to trade this setup should keep that level in mind.