EUR/AUD – 1H – SELLThe combination Euro/Australian Dollar (EUR/AUD) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support at 1.61260 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.62449 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bearish Engulfing’ candlestick chart pattern is existing. The candles form ‘Bearish Engulfing’. this 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 likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.63611 |
| 2nd High | 1.62792 |
| Next High | 1.62449 |
| Current Price | 1.61739 |
| Next Low | 1.61260 |
| 2nd Low | 1.59661 |
| 3rd Low |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing