EUR/AUD – 1H – SELLThe combination Euro/Australian Dollar (EUR/AUD) goes from the ascending trendline down.
A descent down to the next support line at 1.63342 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.65429 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ chart pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.65998 |
| 2nd High | 1.65839 |
| Next High | 1.65429 |
| Current Price | 1.64955 |
| Next Low | 1.63342 |
| 2nd Low | 1.63237 |
| 3rd Low | 1.61957 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing