Yesterday’s appreciation of Euro has led EURAUD to a key resistance area around level of 1.4118. The short-term trend for the pair changed lately to bullish, and therefore a potential correction after rebound from resistance can be used to join that trend.
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Closest significant support is near 50 percent abolition of the last bullish impulse around level of 1.4010. From this point up to 66 percent can be unbearable to look for buying opportunities, in line with the strategy of price action.The nearest goal in such a scenario will be again test of resistance near 1.4120 area. Another important level of defence is almost 160 pips higher at 1.4275.
