EUR/AUD Technical Analysis: Descending trend-channel highlights 1.5730 support

• The EUR/AUD pair currently trades around 1.5820 heading towards European markets on Monday.
• With the short-term descending trend-channel portraying the pair’s downward trajectory since early-month, an upward slanting support-line connecting lows marked since December 12, at 1.5730 now, gains market attention.
• Though, pair’s trading under 1.5770 channel-support becomes prerequisite to aim for 1.5730 while holding short.
• In case sellers dominate past-1.5730, then December 12 low around 1.5670 and 61.8% Fibonacci expansion of recent move at 1.5635 can pop-up in their radar.
• On the upside, 1.5900 seem immediate resistance for the pair ahead of pushing buyers to confront channel’s upper-line at 1.5925.
• Given the pair’s successful trading above 1.5925, 1.6000 and 61.8% Fibonacci retracement level of 1.6060 may please bulls.

EUR/AUD 4-Hour chart