Since August 2015 EURAUD moves in downward trend. Yesterday price dynamically rebounded from support area 1.4350 and within a few hours made upward movement (620 pips). Awaken expectations after Thursday ECB meeting helped here a lot: central bank didn’t extend QE program what was expected.
However market overreacted and that was caused not due to the lack of correction for a long time but due to the ECB. Current rebound has to be treated just like a correction before new wave of falls. Today price reached Fibonnaci 23,6% 1.4870 and resistance 1.4990. But rebound can reach higher, good level is Fibonacci 38,2% at 1.5200. Don’t forget about today’s very important data from US economy which may cause volatility on the market (similiar to the yesterday’s one).
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