EUR/AUD 4H Chart: Channel Down

The Euro is very well positioned for losses over the next month. In the beginning of April the pair has bounced off the pattern's upper boundary, while subsequently crossing the monthly pivot point and all major moving average lines. Now the nearest support is represented by the March low, as well as monthly and weekly S1 lines at 1.4452/1.4398. Next week's technical indicators assume the bears will be able to erode this demand, therefore increasing their downside pressure even more in the mid-term. To reach the lower trend-line of the channel down, EUR/AUD is also required to go through the monthly S2 at 1.4038. The sentiment, being 60% long, may boost this bearish action.