EUR/AUD 4H Chart: Rising Wedge

Euro/Aussie cross has just breached the lower boundary of the rising wedge pattern. Moreover, along with that this currency pair managed to surpass the immediate  bunch of support levels represented by the monthly PP, weekly S1 and 100-period SMA. Consolidation below this area on August 4 will mean considerable losses for the Euro in the mid-term. Bears are likely to aim at the 200-period SMA around 1.4770, while the vast majority of traders (74%) support it by holding short open positions on the Euro. However, in the long-term a recovery is still possible, as projected by daily and weekly technical studies. Thus, a return in the direction of 1.50-1.51 is not completely off the table.