EUR/AUD reversed from resistance zone

EUR/AUD reversed from resistance zone

  • EUR/AUD reversed from resistance zone
  • Next sell target - 1.4930

EUR/AUD has been under strong bearish pressure lately – after the pair failed to overcome the powerful resistance level 1.5225 (which is the upper boundary of the strong resistance area which has been reversing the pair from the start of June, as can be seen below). This resistance area was further strengthened by the upper daily Bollinger Band. EUR/AUD is expected to fall further to the next sell target at the next support level 1.4930 (low of wave (ii)) – the breakout of which can lead to further losses toward the next sell target at 1.4800.

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