EUR/AUD: sell targets - 1.5000 and 1.4800
By: Dmitriy Chernovolov
- EUR/AUD reached sell targets 1.5200 and 1.5100
- Next sell targets - 1.5000 and 1.4800
EUR/AUD continues to fall after the recent breakout of the support zone lying between the support levels 1.5200 and 1.5100 – both of which were set in our previous forecast as the sell targets for this currency pair. The breakout of the support level 1.5100 coincided with the breakout of the 50% Fibonacci correction of the previous sharp intermediate corrective (A)-wave from the end of April (as you can see from the daily EUR/AUD chart below).
EUR/AUD is likely to fall further in the accelerated C-wave toward the next sell target at the round support level 1.5000 - the breakout of which can lead to further losses toward 1.4800.