Today, we will continue yesterday’s analysis. It looks like the growth scenario is confirmed. EURAUD is on its way to reaching levels that it has not been in for years. In addition, this time increases may take a more permanent form than individual jumps from 2015 and 2016. Is it possible to reach levels from the previous decade?
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Yesterday’s session was marked by a slight downward correction, which actually reached the support at 1.6130. So far, this level has effectively stopped the increases on this pair. The reflection that took place at night, however, means that we can be more optimistic about further increases.
As I mentioned yesterday, the first level on which the price was based in the past is the one from the daily and weekly chart at 1.6500. It was here that between 2005 and 2009 the price turned back many times. It seems that this is an ideal target for further increases on this pair. If pair goes below support at 1.6130, I expect it to return to around 1,5860.
