Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

EUR/AUD broke narrow price range

  • EUR/AUD broke narrow price range
  • Next sell targets - 1.5290 and 1.5200

EUR/AUD today broke the support level 1.5410, which is the lower boundary of the narrow sideways price range inside which the pair has been trading from the start of this month. The upper boundary of this price range stands at the pivotal resistance level 1.5600 (which has been steadily reversing this currency pair in the last few trading sessions, as can be seen from the daily EUR/AUD chart below.

The breakout of this price range is likely to strength the bearish pressure on this currency pair and lead to further losses toward the next sell target at the support levels 1.5290 and 1.5200 (former top of the previous B-wave from April).

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