The combination Euro/Australian Dollar (EUR/AUD) goes from the descending trendline downwards
A continuation of the bearish trend downwards to the next support level at 1.63444 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.64061 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Last Engulfing Top’ chart pattern is discovered. The candles form ‘Last Engulfing Top’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.64625 |
| 2nd High | 1.64342 |
| Next High | 1.64061 |
| Current Price | 1.63900 |
| Next Low | 1.63444 |
| 2nd Low | 1.63223 |
| 3rd Low | 1.63027 |
1.64061 – 1.64342 – 1.64625 – 1.63444 – 1.63223 – 1.63309 —
1.64086 – 1.63982 —
66.602560378389 – 54.48957002638 —
– —
1.64061 – 1784174400
Trading Signals: FOREX – EUR – EUR/AUD – AUD – Last Engulfing Top – – – – – – – – –