EUR/AUD – 1H – SELLThe combination Euro/Australian Dollar (EUR/AUD) jumps from the bearish trendline downwards
A continuation of the downtrend down to the next support level at 1.65446 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.66555 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ chart pattern is existing. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.68016 |
| 2nd High | 1.67762 |
| Next High | 1.66555 |
| Current Price | 1.66017 |
| Next Low | 1.65446 |
| 2nd Low | 1.65407 |
| 3rd Low | 1.65222 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing