At the beginning of August, EURAUD broke down from consolidation, which lasted throughout July. The price was then between resistance at 1.5850 and support at 1.5700. After dynamically breaking down, we had to wait for the retest of the broken level. It took place on Friday, then we could enter the shorts. It is possible that there will be one more opportunity for this.
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On Friday, the price came up exactly to the former support at 1,5700, which worked perfectly as a new resistance. There was a strong bearish reaction, the rate reached 1.5620. Today from the morning we are dealing with an upward reaction. It may be a good moment to look for opportunities to enter a short position.
Another target for bears on EURAUD is support located in the vicinity of 1.5465. The price was there for the last time in mid-June, this level has proved itself many times as a barrier to both declines and increases. Here it is worth setting the Take Profit for possible shorts.
