EURAUD: Descending Channel

EURAUD, Daily

In the Daily timeframe, EURAUD has formed a descending channel in a long-term bearish trend. Price has reached the upper trend line and is testing critical resistance and MA50.

• If the price breaks the trend line above the resistance at 1.6240, the upside will be 1.6420;

• A bounce from the trendline and a fall below MA50 will continue the bearish trend to 1.6040;