EUR/AUD – 1H – SELLThe pair Euro/Australian Dollar (EUR/AUD) goes from the bullish trendline downwards
A bearish descent downwards to the next support level at 1.65662 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.67149 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Last Engulfing Bottom:’ candlestick chart pattern is discovered. The chart shows ‘Last Engulfing Bottom:’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.67149 |
| Current Price | 1.66391 |
| Next Low | 1.65662 |
| 2nd Low | 1.64748 |
| 3rd Low | 1.63613 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Last Engulfing Bottom: