EUR/USD reversed from support zone Next buy target - 1…
EUR/AUD rising inside minor impulse wave (iii)
- EUR/AUD rising inside minor impulse wave (iii)
- Next buy target - 1.5380
EUR/AUD has been rising in the last few trading sessions inside the minor impulse wave (iii) which started from the support zone lying between the key support level 1.5100 the 61.8% Fibonacci correction of the previous sharp upward impulse from the middle of October. The active impulse wave (iii) belongs to the intermediate impulse wave (3) from September. EUR/AUD is expected to rise further to the next buy target at the next resistance level 1.5380 (top of impulse (i)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.