EUR/AUD – 1H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Target of the current trend is 1.65712952 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support level at 1.66514 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘Bearish Engulfing’. 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 success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.68016 |
| 2nd High | 1.67762 |
| Next High | 1.66514 |
| Current Price | 1.66221 |
| Next Low | 1.65446 |
| 2nd Low | 1.65407 |
| 3rd Low | 1.65222 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing