EUR/AUD – 1H – SELLThe combination Euro/Australian Dollar (EUR/AUD) moves from the descending trendline downwards
A continuation of the downtrend down to the next support at 1.65777 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.66555 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Bearish Engulfing’ candle pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.68016 |
| 2nd High | 1.67762 |
| Next High | 1.66555 |
| Current Price | 1.65994 |
| Next Low | 1.65777 |
| 2nd Low | 1.65446 |
| 3rd Low | 1.65407 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing