EUR/AUD to reach 1.1654

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Resistances: 1.1706; 1.1781; 1.1836
Supports: 1.1654; 1.1629; 1.1579

Outlook
Yesterday's bearish movement turned out to be short-lived, and in the end another bullish reaction took place, however, today EUR/AUD currency pair returned to its bearish tendency and now is gradually moving closer to an initial support level at 1.1654 (Weekly S2). In case it fails to bring some bullish momentum, then next support at 1.1629 (Lower Bollinger Band) might be the reversal point for the current dip. Moreover, RSI indicator still remains in the over-sold area, indicating that soon a rally upwards might occur.

Traders' sentiment
Traders at SWFX market expect that the single European currency to gain value against the Aussie, as 66% of traders hold long positions and 34% hold short positions. The distribution of orders shows a complete contrast, since 70% of traders ordered to sell EUR/AUD currency pair, thus supporting interim bearish bias.