EUR/AUD reversed from resistance zone

EUR/AUD reversed from resistance zone

  • EUR/AUD reversed from resistance zone
  • Next sell target - 1.5400

EUR/AUD recently reversed down from the resistance zone lying between the multi-month resistance level 1.5630 (which reversed the previous sharp weekly correction in May of 2016, as can be seen below) and the upper weekly Bollinger Band. The downward reversal from this resistance zone stopped the previous intermediate impulse wave (C). EUR/AUD is expected to fall to the next sell target at the next support level 1.5400.

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