EUR/AUD – 4H – BUYThe pair Euro/Australian Dollar (EUR/AUD) breaks through the bearish trendline upwards
A bullish movement upwards to the next resistance level at 1.65767 is certain.
Caution: A possible trend reversal in the direction of the support zone at 1.63613 should always be considered.
Consider stop-loss settings accordingly.
And also a ‘Bullish Meeting Lines’ chart pattern is discovered. The chart forms ‘Bullish Meeting Lines’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.65998 |
| Next High | 1.65767 |
| Current Price | 1.65786 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bullish Meeting Lines