EUR/AUD weekly analysis

The price line on EUR/AUD price chart was closed at 1.56767, which would be located just below the resistance level at about 1.55000. The mentioned resistance level is reflected as a light red box below the price line. This area is considered important for traders as it has been able to act as a support zone for the price line, and also has recently converted to a resistance zone, recording a successful dump. The descending red line, reflects the long term trend line, which has not been broken yet, meaning that the momentum is still with bears, despite several weeks of bullish market. Traders can expect bearish candles in the upcoming days; and therefore Sell positions would have a higher chance of winning.