EUR/AUD reversed from strong resistance level 1.4640

EUR/AUD reversed from strong resistance level 1.4640

  • EUR/AUD reversed from strong resistance level 1.4640
  • Next sell target - 1.4300

EUR/AUD continues to decline after the earlier downward reversal from the strong resistance level 1.4640 (which also revered the pervious intermediate ABC correction (4) in December, as can be seen from the daily EUR/AUD chart below). The resistance zone near the resistance level 1.4640 was further strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 1.4640 created the daily Japanese candlesticks reversal pattern Shooting Stat Doji. 

EUR/AUD is expected to fall to the next sell target at the next support level 1.4300 (previous powerful resistance level from March). 

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