EUR/AUD – 1H – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) moves from the bearish trendline downwards
A continuation of the bearish trend down to the next support line at 1.61957 is likely expected.
Caution: A possible change in the direction of resistance at 1.63611 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish signal. The currency 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 | 1.65429 |
| 2nd High | 1.64969 |
| Next High | 1.63611 |
| Current Price | 1.63519 |
| Next Low | 1.61957 |
| 2nd Low | 1.61685 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing