EUR/AUD – 30M – SELLThe pair Euro/Australian Dollar (EUR/AUD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support at 1.61260 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.62449 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.62998 |
| 2nd High | 1.62792 |
| Next High | 1.62449 |
| Current Price | 1.61931 |
| Next Low | 1.61260 |
| 2nd Low | 1.60040 |
| 3rd Low | 1.60003 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing