EUR/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As it was discussed above, the Australian Dollar is enjoying a rally against most of its peers and the Euro is not an exception. EUR/AUD has been locked in the bearish corridor since the mid-March and it is not likely to break the chains in the days to come since there are no indications that the pair is either capable of a sharp rally or is willing to witness a massive sell-off.
Now the instrument is attempting to stay afloat by preserving its position above the level of 1.5195/77 (four-hour S1, S2; daily S1). According to the SWFX data, the pair is likely to remain above this support zone and may even try to appreciate slightly; about 54% of all positions being long.
© Dukascopy Bank SA
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