EUR/AUD – 30M – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) moves from the descending trendline down.
A continuation of the downtrend down to the next support at 1.61583 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.62324 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candlestick pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62743 |
| 2nd High | 1.62524 |
| Next High | 1.62324 |
| Current Price | 1.62295 |
| Next Low | 1.61583 |
| 2nd Low | 1.61260 |
| 3rd Low | 1.60040 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing