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The bullish tendency, which started yesterday, successfully managed to continue, and today the EUR/AUD currency couple experienced another slight bullish correction. As for now, the price is slowly approaching the weekly PP at 1.2649, which might bring some bearish momentum. In case it is broken, then the currency couple is likely to reach the monthly R2 at 1.2740, which in turn will probably stop the prevailing bullish tendency. Moreover, RSI indicator still shows a neutral signal, although the overall indicator outlook is positive.
Traders' sentiment
SWFX market participants maintain slight optimism regarding the EUR/AUD currency pair, as 57% of traders hold bullish positions and 43% of traders hold bearish positions. The situation with orders, however, spots strong downtrend expectations, since only 24% of traders ordered to buy and 76% ordered to sell the single European currency.
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