EURAUD on support

Bears continue its triumphant march on EURAUD, which began 1.5 years ago. Yesterday price reached a significant support level of 1.3710. This support is seen at weekly intervals and played a key role in 2015. It seems very unlikely that demand will not use this opportunity to counter-attack which can give at least an upward correction.

Possible scenarios

The most likely scenario is a reflection of current support. Further resistance in a direction where the price should move are positioned at levels: 1.3880, 1.4100, 1.4500. There is no way to determine whether it will be just a correction or an attempt to change the trend, but the reaction of demand at this point is very likely.

Alternative scenario is breaking the current support level of 1.3710. It seems that before it happens earlier should appear at least the already mentioned consolidation or correction. However, if price manage to break through this level (now or later) the next targets for supply are at levels: 1.2960, 1.2200

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