EUR/AUD: buy target - 1.5900
By: Dmitriy Chernovolov
- EUR/AUD reversed from support zone
- Next buy target - 1.5900
EUR/AUD recently reversed down sharply – after the pair reached the resistance level 1.6200, which was set as the buy target in our previous forecast for this currency pair. The subsequent downward impulse wave 3 recently stopped in the support zone lying between the support level 1.5600 (which reversed the price in September and August), lower daily Bollinger Band, 50% Fibonacci Correction of the previous C-wave and the support trendline from May.
EUR/AUD is likely to correct up further to the next buy target at the resistance level 1.5900. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the aforementioned support level 1.5600.