EUR/AUD: sell target - 1.4000
- EUR/AUD reached buy target 1.4400
- Next sell target - 1.4000
EUR/AUD recently reversed down sharply after the pair reached the resistance level 1.4400 – which was set as the buy target in our previous forecast for this currency pair. The resistance zone near 1.4400 was strengthened by the upper daily Bollinger Band, by the resistance trendline of the daily down channel from the middle of last December and by the 61.8% Fibonacci Retracement of the earlier sharp downward impulse 1 from the start of February (as you can see from the daily EUR/AUD chart below).
Having just completed the previous minor correction 2, EUR/AUD is likely to fall further toward the next sell target at the round support level 1.4000.