EUR/AUD 1H Chart: Channel Up

After hitting a rock bottom near 1.51 on January 3 EUR/AUD started an up-trend on the hourly chart that still remains topical. Right now the exchange rate is undergoing a bearish correction from 1.5358 forced by the 200-hour simple moving average and is therefore headed towards the up-trend support line, which is expected to terminate the decline in the region of 1.5253 and subsequently initiate a robust recovery.

In the meantime, an overwhelming majority of the SWFX market participants are not in favour of Euro's appreciation—nearly three our of four of traders (74%) are bearish on the currency pair.