EUR/AUD confronts 1.1705

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Resistances: 1.1705; 1.1780; 1.1803
Supports: 1.1653; 1.1595; 1.1578

Outlook
After a 2-day decline, EUR/AUD experienced a bullish reaction today, and now the currency pair is gradually approaching a weekly S1 at 1.1705, which might turn out to be a formidable resistance for the current advance. Although the movement upwards has already occurred, RSI indicator still remains in the over-sold area, therefore even further rally might be expected. On the other hand, support levels are at 1.1653, 1.1595 and 1.1578 and seem to be secure for now.

Traders' sentiment
Traders have mixed feelings about EUR/AUD currency couple, as 52% of them hold long positions and 48% hold short positions. However, the situation with orders clearly spots that traders at SWFX market expect the Euro to lose value against the Australian Dollar.