Currency Analyst since 2010

EUR/AUD: trade idea

Dima Chernovolov

  • EUR/AUD reached sell targets 1.4200 and 1.4000
  • Next sell target - 1.3700

EUR/AUD has been falling sharply in the last few trading sessions – breaking below two support levels 1.4200 and 1.4000 (low of previous A-wave) - both of which were set in our earlier report as the sell targets for this currency pair. Each of these breakouts added to the bearish pressure on this pair – accelerating the downward momentum and helping the price approach the next major support level 1.3800 – near which the pair is trading at the current moment. This support level earlier reversed the sharp downward impulse in September of 2014 (as you can see below).

If EUR/AUD breaks the support level 1.3800, the price can be expected to fall further to the next sell target 1.3700 (target price for the completion of the intermediate ABC wave (2) from the middle of last December).

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