EUR/AUD – 30M – SELLThe combination Euro/Australian Dollar (EUR/AUD) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support at 1.61685 is considered certain.
Caution: A possible trend reversal in the direction of the resistance zone at 1.62402 should always be considered.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘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 chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62524 |
| 2nd High | 1.62494 |
| Next High | 1.62402 |
| Current Price | 1.62152 |
| Next Low | 1.61685 |
| 2nd Low | 1.61583 |
| 3rd Low | 1.61260 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing