EUR/AUD broke pivotal resistance level 1.5200
By: Dmitriy Chernovolov
- EUR/AUD broke pivotal resistance level 1.5200
- Next buy target - 1.5430
EUR/AUD today broke through the resistance area lying between the pivotal resistance level 1.5200 (top of the previous minor B-wave from the start of April) and the 38.2% Fibonacci correction of the previous intermediate ABC correction (2) from February. The breakout of this resistance area continues the active intermediate impulse wave (3) – which started earlier – when the pair reversed up from the major long-term support level 1.4500, which has been reversing the price from December, as can be seen below.
EUR/AUD is likely to rise further in the active impulse wave (3) toward the next buy target at the resistance level 1.5430. Strong support now stands at the recently broken price level 1.5200.