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EUR/AUD 4H Chart: Restricted By SMA

The common European currency has been trading in an eight-month ascending channel against the Australian Dollar after it hit the lower boundary of a dominant channel.

After reaching the 50.00% Fibonacci retracement level, the Euro began to surge, however, the 200-hour simple moving average was pressuring the currency pair further south. This retracement can be measured by connecting the January low at 1.5264 and the March 7 high at 1.5980.

Everything being equal, the currency exchange rate is likely to decline further as technical indicators favour bears to continue their dominance.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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