FX forecast / EUR/AUD / Our expectations
Middle-term downtrend, the price made lower tops and lower bottoms. The downward movement ends with the forming of a higher bottom and break of the main diagonal resistance of the downward channel. After the end of the fist ascending momentum, the price is now returning to test the breakout, which gives us good opportunity to enter in long position. The price reached SMA 50, but can't break below it. The price is at diagonal and horizontal supports. Technical indicator: DeMI(14) - Above level 0.5 - the positive sentiment remains.
Alternative scenario: If the price breaks below the zone of support at SMA 50, diagonal and horizontal supports and FiBo 23.6 and pulls back into the descending channel, the positive scenario will be dismissed.
SL: 1.5770
Trader Bozhidar Arabadzhiev
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