EUR/AUD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp advance at the beginning of month the Euro started to slide towards 1.40 level; however, the bearish channel began to form on 25th of August. At the moment EUR/AUD is trading closer and closer to the major level at 1.40, which was approached on July 2013 for the last time. Nonetheless, the technical indicators are mostly mixed, that said they are not giving any clear signals for the time being. The traders sentiment however is slightly bullish, with 56.66% of them expecting the Euro to reverse its previous losses. Therefore, we expect the pair touching the lower trend-line before appreciating and possibly breaching the up-trend's resistance.
© Dukascopy Bank SA
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