EUR/AUD – 1H – BUYThe currency pair Euro/Australian Dollar (EUR/AUD) breaks through the descending trendline upwards
A bullish movement up to the next resistance line at 1.62449 is likely expected.
Caution: A possible change in the direction of the support line at 1.61689 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bullish Engulfing’ chart pattern is discovered. The chart forms ‘Bullish Engulfing’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.62792 |
| Next High | 1.62449 |
| Current Price | 1.62747 |
| Next Low | 1.61689 |
| 2nd Low | 1.61260 |
| 3rd Low | 1.59661 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing