EUR/AUD – 1H – SELLThe combination Euro/Australian Dollar (EUR/AUD) moves from the descending trendline downwards
A continuation of the downward movement downwards to the next support level at 1.60040 will persist.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.62366 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candle pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.62792 |
| Next High | 1.62366 |
| Current Price | 1.60173 |
| Next Low | 1.60040 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing