EURAUD: Bearish trend

EURAUD, Daily

In the Daily timeframe, EURAUD has formed a descending channel pattern. The price bounced from the upper trend line and crossed DEMA and TEMA, which indicates further decline.

• We may consider selling EURAUD on a fall below 1.6150, with a target of 1.6030;

However, the price may reach the upper trendline again to 1.6200 and then fall;