EUR/AUD broke pivotal resistance level 1.4650

EUR/AUD broke pivotal resistance level 1.4650

  • EUR/AUD broke pivotal resistance level 1.4650
  • Next buy target - 1.4900

EUR/AUD continues to rise inside the sharp minor impulse wave 3 - which previously broke the pivotal resistance level 1.4650 (which stopped earlier waves (4) and (i), as can be seen from the daily EUR/AUD chart below). The breakout of the resistance level 1.4650 accelerated the active minor impulse wave 3, which belongs to the sharp intermediate (C)-wave from the end of March.

EUR/AUD is expected to rise further in the direction of the next buy target at the next resistance level 1.4900 (which stopped the previous minor B-wave in last November).



EUR/USD: "V-Top" pattern

The pair is likely going to test the nearest support at 1.2313. If a pullback from this level happens little later on...



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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