After the fight lasting from the beginning of the week, around 1.6130, it seems that the bears are beginning to give up. The last time the currency pair was so high was in March this year. However, if the increases reach several dozen pips more, it will be at the highest level for two and a half years. Where, then, can growth be stopped?
It is difficult to clearly determine the level of the next wave of increases, which may appear on EURAUD. In the past few years, the price has been several times higher, but it always took the form of short jumps, and then returned below the resistance at 1.6130. Such a situation took place in February 2016 and slightly stronger in August 2015.
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However, if we want to assess another rational resistance, we have to go back on the weekly chart until 2009. That’s when there was a rebound from 1.6500. If we look at the chart from the previous decade, we can see that this round level has been repeatedly active in the space from 2005 to the end of 2009. It’s hard to say whether it is still in the game today, because the price has not been in this area for years, but if it comes to the next phase of increases, I would look for Take Profit here.