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The bearish tendency managed to prevail, as today the EUR/AUD currency couple experienced another consequent bearish decline, and at the particular moment the price is about to test the monthly R1 at 1.2555, which might bring some bullish impulse. In case it fails to stop the downtrend, then the currency pair is likely to reach the 20-day SMA at 1.2523, which in turn will probably change the direction of the prevailing movement. Nevertheless, the overall indicator outlook is bullish, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants have mixed feelings regarding the EUR/AUD currency pair, as 55% of traders hold bearish positions and 45% of traders hold bullish positions. The distribution of orders shows slight downtrend expectations, since 38% of traders ordered to buy and 63% ordered to sell the single European currency.
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