EUR/AUD – 4H – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) jumps from the bullish trendline downwards
A bearish descent downwards to the next support line at 1.63613 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.65767 should be noted.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.65998 |
| Next High | 1.65767 |
| Current Price | 1.65968 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing