EUR/AUD – Bears are pushing the price lower

The EUR/AUD on the 4-hour time frame has been following a downtrend recently. The price dipped below the key level of 1.62000 on 05 November to reach the lowest level of period under study at 1.61010. Bears are pushing the price lower as key technical indicators are supporting the bearish trend. The price action in the currency pair is mainly driven by the recent strength in the Aussie Dollar. As of writing, the price is hovering around 1.61070 with negative MACD and price below 200 period simple moving average.
The 4-hour chart of the EUR/AUD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the currency pair. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.64435. Bulls must break this level in order to regain bullish sentiment in the market.