203
Currency Analyst since 2010

EUR/AUD: trade recommendation

Dima Chernovolov

  • EUR/AUD broke support level 1.4400
  • Next sell targets - 1.4200 and 1.4000

EUR/AUD has been falling in the last few trading sessions – in accordance with our earlier forecast for this currency pair. The active minor impulse 3 of the intermediate impulse (3) from February earlier broke the strong support level 1.4400. The breakout of this support level coincided with the breakout of the lower support trendline of the daily Triangle from December. After breaking the strong support level 1.4400, EUR/AUD corrected up to test this price level (acting as resistance now after it was broken ) – and then immediately reversed sharply down (forming the daily Japanese candlesticks reversal pattern Bearish Engulfing).

EUR/AUD is likely to fall to the next sell targets 1.4200 and 1.4000 (target price for the completion of the active minor impulse 3).

EUR
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