EUR/AUD broke resistance level 1.5500

EUR/AUD broke resistance level 1.5500

  • EUR/AUD broke resistance level 1.5500
  • Next buy target - 1.5760

 EUR/AUD recently broke the resistance level 1.5500 (which has been reversing the price from the middle of December, as can be seen below). The breakout of the resistance level 1.5500 accelerated the active minor impulse wave (iii) which belongs to the intermediate impulse wave (3) from the middle of July. EUR/AUD is expected to rise to the next buy target at the next resistance level 1.5760 (top of the previous impulse wave 1).



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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