Forex forecast / EUR/AUD / Our expectations
Middle-term upward trend, higher tops and higher bottoms. The price has reached the upper part of the diagonal ascending channel. Formed figure Head & Shoulders and break of the neckline - pointing that the descending movement is more likely. Break of FiBo 23.6 ( matching the level of the neckline ) as the price keeps below the level - negative signal. Technical indicator: DeM(14) - Below 0.5 - neutral territory, when the price breaks the level below 0.3 the price will be into negative territory, which will increase the negative moods. CCI(50) - When break level 0, the negative sentiment will increase.
Alternative scenario: If the price breaks above the neckline of the figure, the negative scenario will be dismissed.
SL: 1.5590
Trader Bozhidar Arabadzhiev
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