EUR/AUD Is Bearish

EUR/AUD tested the resistance at 1.5885 – 1.5900 over the course of about a month, forming multiple spinning top candlesticks on the weekly time-frame below that level. Last week the pair finally bounced off from the aforementioned resistance level and continued falling. It is currently testing the support at 1.5615 – 1.5600 and considering how bearish the pair is it will likely break out below it. If it does next target is likely at 1.5400. A breakout below that level could lead to a further move to the downside towards the last low which is at 1.5275, and which also coincides with the (MA)89 indicator on the weekly time-frame.