EURAUD

In the one-hour time frame, the parity price is staying just under the lower band of the descending channel. With the price now having reached the oversold area and indicating a divergence, we may expect a retracement back into the channel soon.

The level 1.6000 will be a target in this case. The vicinity of 1.5900 is crucial for the next price move. As long as the price stays below this level, it will sink further.