Note: This section contains information in English only.The common European currency trades in a descending channel pattern against the Australian Dollar, as the rate approaches the lower trend line of a long term descending channel pattern. The pair is set to meet the lower trend line of the before mentioned pattern during the next week. The main aspect to be analyzed is the point of the reversal of the direction, as afterwards the currency exchange rate is set to rebound and move higher. The market sentiment of the SWFX gives clues regarding that, as 73% of trader open positons are long, which indicates at the pair actually being overbought. Due to that reason, it can be assumed that market participants can take advantage of the decline occurring at the moment.
Wed, 22 Feb 2017 14:00:03 GMT
Source: Dukascopy Bank SA