© Dukascopy Bank SA
EUR/AUD is required to consolidate below the monthly R1 in order to confirm the short-term bearish outlook. This support is reinforced both by 55 and 100-period SMAs, as well as the weekly PP around 1.4760. Development below all of them will encourage bears for further losses of the Euro, and the pair will be forecasted to reach the pattern's support as soon as the end of this week. Additionally, bearish idea is shared by 74% of market participants. On the contrary, technical indicators tend to have another opinion on the matter, as they are positive on all time frames. Therefore, in the long term EUR/AUD is likely to continue respecting trend-lines of the bullish pattern.
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