Since the start of the year the currency fell more than 0.5% and this past week fell more than 2.0%.
Last week the EURAUD plunged with a wide range and closed near the low of the week also closing below previous week low, suggesting a strong bearish momentum.
The Stochastic is displaying an oversold market although continues to show a strong bearish momentum.
The EURAUD is in a potential phase change, from a warning to a distribution phase since last week and closed shy below the 50 moving average.
Expecting a downward move to a weekly support at 1.4287 on a break below of a daily support at 1.0835 (scenario 1) or a bounce from a weekly support at 1.4894 may push the pair down to another weekly support at 1.4287 (scenario 2).