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Yesterday's bullish correction did not manage to last long, and today the EUR/AUD currency couple experiences a significant bearish reaction, which has already crossed the weekly R1 at 1.2314. At the particular moment, the currency pair is slowly heading towards the weekly PP at 1.2164, which will probably bring some bullish impulse, however, if it is breached, then the price might reach the weekly S1 at 1.2088, which in turn is expected to change the direction of the prevailing tendency. Moreover, RSI indicator still shows a weak sell signal, although it has made a large move towards the neutral area.
Traders' sentiment
Traders at SWFX market have mixed feelings regarding the potential strength of the single European currency, since 46% of traders hold long positions and 54% of traders hold short positions. In contrast, the situation with orders clearly spots some bearish trend expectations, as only 35% of traders ordered to buy and 65% ordered to sell the Euro.