EUR/AUD downside pressure intensifiesEuro / Australian DollarFOREXCOM:EURAUDFOREXcomEUR/AUD finds itself just above a key zone consisting of horizontal support at 1.7600 and the key 200-day moving average, providing decent two-way trade setups depending on how the near-term price action evolves. Should we see a break and close beneath both levels, it would allow for shorts to be established below the 200DMA with a stop above for protection, targeting 1.7465 or 1.7400 initially depending on desired risk/reward from the trade. The option would also be there to sell the break should we see a close beneath 1.7600, allowing for a stop to be placed above targeting the same levels. However, consider squaring or even flipping the trade should the price be unable to break beneath the 200DMA. Should the price continue to hold above 1.7600, you could flip the setup and establish longs, allowing for a stop to be placed beneath the 200DMA for protection. 1.7726 or the intersection of the 50DMA with horizontal resistance at 1.7800 screen as logical targets. Momentum indicators favour downside over upside, increasing the appeal of bearish setups. RSI (14) is trending lower beneath 50, pointing to building downside pressure. MACD has confirmed the bearish message, crossing the signal line from above before pushing into negative territory. Good luck! DS