EUR/AUD – 1H – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) goes from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 1.61829 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.62366 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ candlestick pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.62792 |
| Next High | 1.62366 |
| Current Price | 1.61846 |
| Next Low | 1.61829 |
| 2nd Low | 1.61620 |
| 3rd Low | 1.61392 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing