The EUR/AUD downtrend started on August 24, 2015 and it still seems to be valid. The price has been moving downwards for over 3 months now within the descending channel.
Currently, the price is trading near the upper trend line of the channel which has been rejected several times. The Fibonacci applied to the corrective wave up after a major support breakout shows that both S1 and S2 support levels were also broken and it should open the way for another extension down towards the S3 support, that is 361.8% Fibonacci.
Consider selling EUR/AUD while the price is near R1 (1.5165) targeting the S3 (1.4150) support level. The stop loss should be above the previous level of support at 1.5555.
Support: 1.4925, 1.4540, 1.4150
Resistance: 1.5165, 1.5555
