Situation in Both EU and Australia Makes Trading EURAUD Tempting

After rebounding from the upper bound of the green channel, the market gradually approaches the support level on the yellow bound, which is also the lower wall of the yellow channel.

Since the price has moved far enough away from the moving average, it can be concluded that the bears exert significant pressure on the price. Based on this, we can conclude that in the near future the decline will continue to the level of 1.593, which is on the lower yellow bound. If this price level is broken below, the bears will open the way to support of 1.524 and the lower bound of the green channel.

However, if the moving average is broken above near 1.614, the growth may continue to the resistance of 1.628, which is on the upper green bound.