Bullish rebound lasts for three weeks
Three weeks lasts bullish rebound from 1.3700 support on EURAUD. As expected, the first strong resistance stopped today charge of bulls on 1.4150. However, this does not necessarily mean that growth has been definitively completed.We should look at the daily chart of EURAUD.
An interesting situation on a long-term graph
Very interesting is situation on daily chart. On one hand, the demand is supported by reflection from strong support level 1.3700. On the other hand, since August 2015, we have observed lower highs and lows, so the current trend is a downward trend which supports bears.
It is impossible to predict how the price will behave, but we should observe resistance level 1.4150. Today’s bearish rebound may be short-lived and soon demand may again test the level of 1.4150. Breaking this level will give a second wind to demand and in case of downward reflection will accelerate declines.
