© Dukascopy Bank SA
Today the EUR/AUD currency pair experienced a significant bullish correction, which has already managed to breach the 20-day SMA at 1.2329, and at the particular moment the currency couple is gradually heading towards the 200-day SMA at 1.2398, which is expected to stop the current movement upwards, however, if it is broken, then the price might reach the 55-day SMA, which in turn is expected to bring some bearish momentum. Nevertheless, the overall indicator outlook is negative, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
Traders at SWFX market are optimistic about the EUR/AUD currency pair, since 65% of traders hold bullish positions and 35% of traders hold bearish positions. The situation with orders, however, shows some downtrend expectations, as 41% of traders ordered to buy and 59% ordered to sell the Euro.
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