EUR/AUD Is Consolidating

EUR/AUD has been consolidating sideways below the resistance at 1.5800 for the past week or so and as a result of that consolidation the pair has formed a pair of shooting star candlesticks on the daily time-frame and a spinning top on the weekly time-frame, all under the aforementioned resistance level. Considering these candlesticks there will likely be a move to the downside  and its first target will probably be around the support at 1.5560, which coincides with the (MA)89 indicator on the four-hour time-frame. A breakout below that level could lead to a further drop towards 1.5475. If the pair breaks out above 1.5800 there will likely be a further move to the upside towards 1.6000.