EUR/AUD – 1H – SELLThe combination Euro/Australian Dollar (EUR/AUD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support line at 1.63613 will continue.
Caution: A possible trend reversal in the direction of resistance at 1.65767 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bearish Engulfing’ candle pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.65998 |
| 2nd High | 1.65839 |
| Next High | 1.65767 |
| Current Price | 1.64406 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.63342 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing