EUR/AUD broke resistance zone

EUR/AUD broke resistance zone

2019-11-11 • Updated

  • EUR/AUD broke resistance zone
  • Next buy target - 1.4700

EUR/AUD continues to rise after the earlier breakout of the resistance zone lying between the resistance levels 1.4300 (top of the previous waves 2 and (A), intersecting with the 61.8% Fibonacci correction of the previous sharp downward impulse (C) from December) and 1.4400. The breakout of this resistance zone follows the earlier breakout of the extended daily down channel - which accelerated the active minor impulse wave 3.

EUR/AUD is expected to rise to the next buy target at the next resistance level 1.4700 (which reversed the previous intermediate correction (B) in December).

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