EUR/AUD reversed from support area

EUR/AUD reversed from support area

  • EUR/AUD reversed from support area
  • Next buy target - 1.5700

EUR/AUD today reversed up sharply from the support area lying between the strong support level 1.5355 (former resistance level from October), 61.8% Fibonacci correction of the previous sharp upward impulse wave form the start of November and the support trendline of the daily up channel from September. EUR/AUD is expected to rise to the next buy target at the next resistance level 1.5700 (top of the previous corrective wave (b)).



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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