EUR/AUD – 1H – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) jumps from the bullish trendline down.
A descending movement downwards to the next support line at 1.61685 is certain.
Caution: A possible counter-trend in the direction of resistance at 1.63611 could happen.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candlestick pattern is detected. The chart forms ‘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 | 1.65429 |
| 2nd High | 1.64969 |
| Next High | 1.63611 |
| Current Price | 1.63202 |
| Next Low | 1.61685 |
| 2nd Low | 1.61583 |
| 3rd Low | 1.61260 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing