© Dukascopy Bank SA
Supports: 1.1645; 1.1626; 1.1578
Outlook
EUR/AUD currency pair continues its bearish tendency that started on May 21th, and now it is gradually approaching Lower Bollinger Band at 1.1645, where EUR/AUD might find support for its ongoing decline. Although this support level seems strong enough to reverse current bearish trend, it still might be breached and then the next support level at 1.1626 (Monthly S3) is very likely to bring some bullish impulse. In addition, RSI indicator already for some time remains in the over-sold area, meaning that the rally may appear any time soon.
Traders sentiment
Traders at SWFX market have mixed thoughts about the possible movement of the EUR/AUD currency pair, as 49% of traders hold bullish positions and 51% hold bearish positions. However, the situation with orders clearly spots that most of the traders expect the Aussie to appreciate against the Euro, since 91% of traders ordered to sell and only 9% preferred to buy EUR/AUD.