EUR/AUD – 1H – SELLThe pair Euro/Australian Dollar (EUR/AUD) jumps from the ascending trendline down.
A bearish descent down to the next support level at 1.66386 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.67010 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Last Engulfing Bottom:’ candle pattern is discovered. The candles show ‘Last Engulfing Bottom:’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Bottom:’ going down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.67087 |
| 2nd High | 1.67049 |
| Next High | 1.67010 |
| Current Price | 1.66501 |
| Next Low | 1.66386 |
| 2nd Low | 1.66197 |
| 3rd Low | 1.65662 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Last Engulfing Bottom: