EUR/AUD 4H Chart: Channel Down

Late January the single European currency started depreciating relative to the Australian Dollar and subsequently formed a bearish channel. However, at the moment EUR/AUD has an upward momentum, as it has just confirmed the lower boundary of the pattern and turned around. Accordingly, the pair is expected to pierce through the nearby weekly pivot points and reach the upper trend-line at 1.5233 before once again coming under selling pressure.

Meanwhile, there is a significant gap between the long and short positions open on EUR/AUD. While the share of the former amounts to 37%, the latter enjoy a majority—63%.