The EUR/AUD pair is currently trending downwards after breaking the ascending channel. After a corrective wave up, the pair found a support at the 50% Fibs applied to the channel breakout point and at the same time formed a bearish divergence on the MACD.
Today the rate dropped, breaking the 50% Fibs support and 50 Moving Average suggesting that the downtrend is likely to continue. Consider selling EURAUD on a correction towards the 50% Fibs (1.4700), targeting either 23.6% (1.4495) or 0% Fibs (1.4310). The stop loss should be just above the recent high - 1.4790.
Support: 1.4610, 1.4495, 1.4310
Resistance: 1.4800
