EUR/AUD – 1H – SELLThe pair Euro/Australian Dollar (EUR/AUD) moves from the bullish trendline down.
A bearish descent down to the next support level at 1.61583 will continue.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.62494 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63070 |
| 2nd High | 1.62524 |
| Next High | 1.62494 |
| Current Price | 1.62154 |
| Next Low | 1.61583 |
| 2nd Low | 1.61260 |
| 3rd Low | 1.59661 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing