EUR/AUD – 1H – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) goes from the bearish trendline down.
A continuation of the downward movement down to the next support level at 1.62756 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.63611 could be enabled.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ chart pattern is existing. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.65429 |
| 2nd High | 1.64969 |
| Next High | 1.63611 |
| Current Price | 1.62753 |
| Next Low | 1.62756 |
| 2nd Low | 1.62621 |
| 3rd Low | 1.62549 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing