EUR/AUD – 1H – SELLThe combination Euro/Australian Dollar (EUR/AUD) jumps from the bullish trendline down.
A descent downwards to the next support at 1.66386 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 1.67010 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Last Engulfing Bottom:’ chart pattern is discovered. The candles form ‘Last Engulfing Bottom:’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.67087 |
| 2nd High | 1.67049 |
| Next High | 1.67010 |
| Current Price | 1.66501 |
| Next Low | 1.66386 |
| 2nd Low | 1.66197 |
| 3rd Low | 1.65662 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Last Engulfing Bottom: