EUR/AUD reaches weekly PP at 1.1716

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Resistances: 1.1779; 1.1827; 1.1911
Supports: 1.1657; 1.1631; 1.1545

Outlook
Bullish advance, which started two days ago, was stopped, and now a bearish reaction takes place. The movement downwards has already managed to reach weekly PP at 1.1716 and now EUR/AUD is gradually moving towards weekly S1 at 1.1657, which might bring some bullish momentum for the price, but, if the currency pair manages to breach it, then next support at 1.1631 (lower Bollinger band) might prove to be a reversal point for the presently established trend. Moreover, RSI remains in the neutral area, meaning that the currency pair is neither over-bought nor over-sold.

Traders' sentiment
SWFX market participants have mixed feelings about EUR/AUD, since 49% of traders hold long positions and 51% of traders hold short positions. In contrast, the distribution of orders shows that traders are rather concerned that the Euro will lose value against the aussie, as 67% of traders ordered to sell the common currency.