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The bearish reaction, which occurred yesterday, has successfully managed to continue, as today the EUR/AUD currency couple experienced another consequent movement downwards, which has already managed to break the monthly S1 at 1.2301, and at the particular moment the price confronts the lower Bollinger band at 1.2255, which is expected to stop the prevailing tendency. In case it fails to slow down the downtrend, the currency pair might reach the weekly S3 at 1.2152, which in turn is very likely to bring some bullish impulse. Moreover, RSI indicator still shows a buy signal, although the overall indicator outlook has changed to neutral.
Traders' sentiment
SWFX market participants are optimistic regarding the EUR/AUD currency pair, as 59% of traders hold bullish positions and 41% of traders hold bearish positions. The distribution of orders, however, shows strong downtrend expectations, since only 22% of traders ordered to buy and 78% ordered to sell the single currency.
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