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Yesterday's bearish reaction managed to fully cover the bullish bar, which occurred a day before, therefore indicating for a possible short term trend reversal. Today the EUR/AUD currency pair experienced another movement downwards, and at the particular moment the currency couple confronts the 20-day SMA at 1.2595, which might slow down the prevailing tendency. In case it is broken, then the price is likely to reach the weekly S1 at 1.2505, which will probably bring some bullish impulse. However, the overall indicator outlook is bullish, therefore the current bearish trend might soon come to an end.
Traders' sentiment
Traders at SWFX market maintain optimism regarding the potential strength of the single European currency, as 57% of traders hold bullish positions and 43% of traders hold bearish positions. The distribution of orders, however, shows some downtrend expectations, since only 33% of traders ordered to buy and 67% ordered to sell the Euro.
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