Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Current target is 1.6596695 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of support at 1.67087 should always be considered.
Consider stop-loss settings accordingly.
Then a ‘Three Outside Down’ candle pattern is discovered. The candles show ‘Three Outside Down’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | |
2nd High | 1.67149 |
Next High | 1.67087 |
Current Price | 1.66287 |
Next Low | 1.66222 |
2nd Low | 1.66040 |
3rd Low | 1.65662 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Three Outside Down