EUR/AUD – 1H – SELL

The combination Euro/Australian Dollar (EUR/AUD) jumps from the bearish trendline down.

A continuation of the downtrend downwards to the next support line at 1.78331 is likely expected.

Caution: A possible counter-trend in the direction of the resistance level at 1.79498 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Next a ‘Resistance Level’ indicator signal is discovered. The indicator shows ‘Resistance Level’. which is often a bearish chart scenario. The currency pair could go down.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is likely expected. Current target is 1.79122 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support level at 1.79498 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.

Next a ‘Last Engulfing Top’ chart pattern is detected. The candles show ‘Last Engulfing Top’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).

1.79498 – 1.79913 – 1.79647 – 1.78331 – 1.78748 – 1.79042 — 61.307161198483 – 55.153461786414 — 47.162032598274 – 41.684836823078 – 36.979937691603 – 40.589310154406

Trading Signals: FOREX – EUR – EUR/AUD – AUD – Last Engulfing Top – Symmetrical Triangle Chart Pattern – –