EUR/AUD reversed from combined resistance zone

EUR/AUD reversed from combined resistance zone

  • EUR/AUD reversed from combined resistance zone
  • Next sell target - 1.3900

EUR/AUD continues to fall inside the minor impulse wave (iii) – which started previously – when the pair reversed down from the combined resistance zone lying at the intersection of the key resistance 1.4200 (which has been reversing the price from March), upper daily Bollinger Band, resistance trendline of the daily down channel from last June and the 50% Fibonacci correction of the earlier impulse (i).

EUR/AUD is expected to fall further toward the next sell target at the strong support level 1.3900 (which reversed the previous (b)-wave in March).



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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