Three Engulfing Bearish Price Bars on Increasing Volume?
With reference to the attached image, I was wondering if anybody had any thoughts on the implications of this observation in the context of volume spread analysis, supply and demand, and order flow?
Three consecutive bearish price candles, with widening spreads, on increasing volume, all engulfing, and with shadows. High / low (price spread) is following such a pattern, however open / close is slowly drifting lower..
I can see some signs of strength in the background, and price has been steadily rising for the EURUSD since the shakeout / stopping volume (buying) observed on 05 JUNE 2014. Some supply entering against price close to the 1.37 level is anticipated, given the background at this level around 15 MAY 2014.
I haven't noticed a price pattern like this much before, and Googling failed to render many results other than the typical 'Bullish Engulfing' / 'Bearish Engulfing' patterns and the textbook meaning / response... I'm curious.
What do you think?
P.S. My apologies, the system would not let me attach an image due to having a low 'post count'. How disappointing!