Bearish
EUR/AUD remains in a bearish channel, testing support near 1.6050.
Over the past 24 hours, EUR/AUD has continued its downward trend, trading within a descending channel with resistance at 1.6301 and support near 1.6050. Recent recovery attempts have stalled near the 50-period simple moving average (SMA) at 1.6301, reinforcing the bearish outlook.
Key points
- Bearish Channel: EUR/AUD remains within a descending channel, with resistance at 1.6301 and support near 1.6050.
- 50-SMA Resistance: The 50-period SMA at 1.6301 continues to cap rallies, maintaining the bearish trend.
- Testing Support: The pair is currently testing the lower boundary of the channel near 1.6050, a key support level.
Sources
AI-generated from public news sources. Not financial advice.
