EURAUD trying to cancel bearish channel


The EURAUD cross was bid on Tuesday as it erased daily's losses and turned positive during the US session. At the time of writing, it was seen at around 1.6440.

The most important thing for the near future will be the resistance near 1.6450, where the upper line of the bearish channel is located. If the price rises above this level, the latest consolidation phase might be over, with further bullish momentum likely. 

The next target for bulls could then be at 1.6500 or possibly at the current swing highs of 1.6550. 

However, if the resistance of the bearish channel holds and the price declines again, we might see another bearish reversal. The support could now be at 1.64 and afterward at around 1.6350, where today's lows are. 

Moreover, the most important support is now near 1.6325, where the lower line of the triangle is seen. 
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