EUR/AUD – 1H – BUYThe pair Euro/Australian Dollar (EUR/AUD) goes from the descending trendline down.
A continuation of the downward movement down to the next support line at 1.61995 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.62499 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Bullish Engulfing’ candle chart pattern is existing. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.63070 |
| Next High | 1.62499 |
| Current Price | 1.62021 |
| Next Low | 1.61995 |
| 2nd Low | 1.61689 |
| 3rd Low | 1.61260 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing