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FxWirePro: EUR/AUD Trade Idea

FxWirePro Currency Strength Index for EUR/AUD: Bias Bearish

FxWirePro's Hourly EUR Spot Index was at -77.2391 (Bearish)

FxWirePro's Hourly AUD Spot Index was at 101.783 (Bullish)

Technical Analysis: Bias Bearish

- Price action was rejected at channel top

- Price has slipped below 5-DMA support at 1.6036

- Bearish divergence on RSI and Stochs

- RSI and Stochs are showing a rollover from near overbought levels

Support levels - 1.5919 (20-DMA), 1.5859 (March 21 low), 1.5623 (March 12 low)

Resistance levels - 1.6036 (5-DMA), 1.61, 1.62 (channel top)

Recommendation: Good to go short on rallies around 1.6030/40, SL: 1.62, TP: 1.5920/ 1.5860/ 1.5625.

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