EUR/AUD – 4H – SELLThe pair Euro/Australian Dollar (EUR/AUD) goes from the bullish trendline down.
The bearish trend down to the next support line at 1.63613 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.67087 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Evening Star’ chart pattern is found. The candles show ‘Evening Star’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Evening Star’ heading down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.67149 |
| Next High | 1.67087 |
| Current Price | 1.66501 |
| Next Low | 1.63613 |
| 2nd Low | 1.63504 |
| 3rd Low | 1.61583 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Evening Star