EUR/AUD Price Analysis: bulls eye a 50% mean reversion near 1.5820

• EUR/AUD is correcting the recent drop and targets a 50% mean reversion.
• The channel is a perfect environment for a retracement to test such structures. 

EUR/AUD is moving in a daily sideways channel which is creating choppy price action from one day to the next.

The current trajectory is to the upside as the price corrects the latest daily bearish impulse. 

The following illustrates a potential test of the prior lows and an onward move to the 50% mean reversion of the bearish impulse. 

A break of the 21 EMA will add extra conviction for a run to the 1.58 level and beyond there to 1.5820 as the neckline of the M-formation.