On the Daily chart , we can see EUR/AUD trading in a big descending channel , and from where it is trading now, we expect some more downside before thinking about the break of the channel to the upside (The Bigger Picture).
For now, EUR/AUD , which is also trading inside a small descending channel , broke the (1.56023) major support level but retested it and turned it into a major resistance level creating an amazing sell opportunity as our stop loss will be only 15 pips.