EUR/AUD Is Losing Downside Impulse

Technical Reports

Trading is on the downside for key support level 1.5153. Running fall from 1.6189 goes on, despite the pair is losing some downside momentum. Pivot points are at: (S1) 1.5300; (P) 1.5349; (R1) 1.5434.

Overcoming of resistance 1.5529 will point out a short term bottoming. The pair’s forecast will stay bearish in case of recovery.

A medium term top should be formed at 1.6189, as growth from 1.3624 should have completed at 1.6189 already, ahead of key resistance 1.6587. While deeper drop is awaited to 38.2% retracement of 1.3624 to 1.6189 at 1.5209, bottoming is possible below 1.4604. Still, overcoming of support turned resistance 1.5773 will point out completion of the decline from 1.6189.