EUR / AUD weekly technical analysis

The euro is trading in a descending channel on the H4. The direction of the pair is bearish, as long as the prices are inside the channel shown above. 1.6870 is a pivotal level for the pair and meets with the edge of the upper declining channel, which constitutes a strong resistance to the price, which may prompt the resumption of the downtrend again after the test, and it will often be today or tomorrow at most.

We recommend that all traders sell the pair inside the channel while maintaining the stop loss at the highest levels of the channel and they can change their positions to buy if the price rises and breaks and focus on the top of the channel

General Direction: Bearish as long as prices are inside the descending channel on H4