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The bearish tendency, which started a couple of days ago, has managed to continue, as today the EUR/AUD currency pair has experienced another consequent decline, which has already managed to breach the 20-day SMA at 1.2603, and now the price is gradually heading towards the monthly R1 at 1.2555, which might bring some bullish impulse. In case it is broken, then the currency couple will probably reach the weekly S1 at 1.2505, which in turn is expected to stop the prevailing movement downwards.Nevertheless, the overall indicator outlook remains positive, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
Traders at SWFX market maintain small optimism regarding the EUR/AUD currency couple, as 56% of traders hold long positions and 44% of traders hold short positions. The situation with orders, however, spot strong downtrend expectations, since 26% of traders ordered to buy and 74% ordered to sell the Euro.
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