EUR/AUD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from the last week of January, the single currency has been under-performing the Australian Dollar. In addition to that, the pair has bounced back to the south in the beginning of the previous week, and the pace of Euro's decline has only strengthened. The pair is currently testing the monthly S1 at 1.3746, and it is likely to succeed in crossing this important demand area. Bearish intentions are broadly supported by technical indicators on all time-frames. Moreover, 67% of SWFX market participants are holding short opened positions on this currency pair, therefore assuming that bears will be persevering enough to push it down to the lower trend-line by the end of the next week.
© Dukascopy Bank SA
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