Yesterday the price reached 1.5400 level, where was a weak resistance and then EURAUD rebounded. Due to the fact that upward movement lasted for some time without any rebounds I think that it may be a good time for correction. Possible scenario is the price fall to 1.5160 and then rebound as a confirmation of new support at 1.5160.
After successful rebound the price should moves up to 1.5580 and even higher to 1.5700. In a long term EURAUD has been staying in consolidation between 1.4350 – 1.6200 so there is a lot of place for further upward movement.
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