Dukascopy
Long

EURAUD 4H Chart: Restricted by SMA

FX:EURAUD   Euro / Australian Dollar
The common European currency has been trading in an eight-month ascending channel against the Australian Dollar             after it hit the lower boundary of a dominant channel.
After reaching the 50.00% Fibonacci retracement level, the Euro             began to surge, however, the 200-hour simple moving average was pressuring the currency pair further south. This retracement can be measured by connecting the  January low at 1.5264 and the March 7 high at 1.5980.
Everything being equal, the currency exchange rate is likely to decline further as technical indicators favour bears to continue their dominance.
See more at the Dukascopy Analytics page
https://www.dukascopy.com/swiss/english/marketwatch/market_news/Technical-Analysis/

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