The EUR/AUD currency pair on the 4-hour time frame has been following a downtrend recently. The price slides to 1.56843 on 17 April, registering the lowest level in 2019. The price is currently hovering around 1.57070, slightly above the lowest level of 1.56843. The price action in the EUR/AUD is mainly driven by the strength in the Aussie Dollar. Price is currently below the 200-period moving average with negative MACD.
The 4-hour chart of the EUR/AUD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/AUD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment in the market.
In alternative scenario, key resistance level lies at 1.58520. Bulls must break this level in order to regain bullish sentiment.
The 4-hour chart of the EUR/AUD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/AUD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment in the market.
In alternative scenario, key resistance level lies at 1.58520. Bulls must break this level in order to regain bullish sentiment.