EUR/AUD – 1H – SELLThe currency pair Euro/Australian Dollar (EUR/AUD) moves from the bearish trendline down.
A continuation of the downward movement downwards to the next support line at 1.65777 will continue.
Caution: A possible counter-trend in the direction of resistance at 1.66555 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles show ‘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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.68016 |
| 2nd High | 1.67762 |
| Next High | 1.66555 |
| Current Price | 1.66224 |
| Next Low | 1.65777 |
| 2nd Low | 1.65446 |
| 3rd Low | 1.65407 |
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Bearish Engulfing