EUR/AUD: sell targets - 1.5200 and 1.5100
By: Dmitriy Chernovolov
- EUR/AUD broke support levels 1.5430 and 1.5320
- Next sell targets - 1.5200 and 1.5100
EUR/AUD continues to fall strongly inside the active minor impulse wave 3 (which recently reversed down twice from the resistance zone lying between resistance level 1.5800 and 38.2% Fibonacci Correction of the previous downward price move from August). This impulse wave then broke the support levels 1.5430 (which reversed the price earlier this month) and 1.5320. The breakout of these support levels was preceded by the breakout of the support trendline of the daily up channel from April – which intensified the bearish pressure on this currency pair.
EUR/AUD is likely to fall further in the accelerated downward impulse wave 3 toward the next sell targets at the support levels 1.5200 and 1.5100.