EURAUD has seen a topsy-turvy swings in both minor as well as major trends, the pair has relentlessly been slipping from the peaks of 1.6594 levels to the 1.6132 levels.
Minor trend analysis: Ever since the failure swings were observed at the stiff resistance of 1.6595 levels with 3-black crow patterns, bears managed to counter triple bottom pattern.
Consequently, the current price is plunged below 7, 21 & 100-DMAs, bulls attempt to resume with hammer formation, but technical indicators bearish bias, more slumps likely upon bearish MACD crossover.