EUR/AUD Analysis: Bearish Outlook Signals Downside Momentum

Hello Traders,

The analysis on EURAUD indicates bearish sentiment. The currency pair faced rejection at a supply zone (which also coincides with the monthly resistance at 1.6655) and is within a downward channel, signaling a potential downtrend. Sellers are targeting the 1.6479 level, with a break below suggesting further decline to 1.6418, marking a key support level.

Cheers and happy trading

Comment:

Having achieved a gain of +45 pips, which is more than 50% of the overall target, there are still opportunities to the downside.

Comment:

Price objective fully met. (+90Pips)

Trade closed: target reached