EUR/AUD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency has been depreciating against the Australian Dollar since early May when the instrument hit a one-month high of 1.5019.
The currency pair has been vacillating inside a bearish channel for 112 hours and now it is sitting at the lower limit of the formation that is located near a one-year low of 1.4582. In fact, a stab to this low may be a start of even a sharper decline as the pair may slide below the pattern trend-line. This is confirmed by the SWFX numbers-about two thirds of market players hold short positions.
© Dukascopy Bank SA
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