EURAUD pair is in a bullish trend. Today it reached key resistance near 1.5065, where the high of September 2016 was located.
As you can see on H4 chart below, there was a bullish reaction on that resistance, which led to formation of Outside Bar. If the minima of that formation are broken further declines will be supported at 1.4880.
Significantly, the support area at 1.4880 coincides with a 50% abolition of the last growth impulse. Perhaps it is from this level that the pair will return to grow and follow the bullish trend and target of this scenario will be to re-attack price level at 1.5065.
Alternatively, breaking the support area at 1.4880 will open the way for further declines. Another level of defence will be visible at around 1.4455.
