EUR/AUD broke strong resistance level 1.5060

EUR/AUD broke strong resistance level 1.5060

EUR/AUD broke strong resistance level 1.5060

Next buy target - 1.5060E

EUR/AUD has been under strong bullish pressure lately – after the earlier breakout of the strong, multi-month resistance level 1.5060 (which also reversed the previous indeterminate correction (2) in September of 2016, as can be seen from the daily EUR/AUD chart below). The breakout of this resistance level accelerated the active minor impulse waves (iii) and 5 – both of which belong to the intermediate impulse wave (C) from March.EUR/AUD is expected to rise to the next buy target at the next resistance level 1.5300. Strong support now stands at the aforementioned price level 1.5060.

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