EUR/AUD – 1H – BUYThe combination Euro/Australian Dollar (EUR/AUD) breaks through the bullish trendline upwards
A continuation of the uptrend upwards to the next resistance level at 1.62449 is expected.
Caution: A possible reversal of the trend in the direction of support at 1.61689 should be noted.
Consider stop-loss settings accordingly.
There is also a ‘Bullish Engulfing’ candlestick pattern is existing. The chart shows ‘Bullish Engulfing’. which is a positive signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.62792 |
| Next High | 1.62449 |
| Current Price | 1.62800 |
| Next Low | 1.61689 |
| 2nd Low | 1.61260 |
| 3rd Low | 1.59661 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Engulfing