EUR/AUD – 30M – SELLThe pair Euro/Australian Dollar (EUR/AUD) jumps from the bullish trendline down.
A bearish movement down to the next support at 1.65407 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 1.66514 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 1.65558372 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the support level at 1.66514 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Bearish Engulfing’ candle chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.67440 |
| 2nd High | 1.67107 |
| Next High | 1.66514 |
| Current Price | 1.66014 |
| Next Low | 1.65407 |
| 2nd Low | 1.65222 |
| 3rd Low | 1.65080 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing