The price of EURAUD from the end of June for over a month was in a fairly narrow consolidation. The resistance was at 1.5860 and support at 1.5700. Several times there has been a breach of these levels, but until Friday afternoon they were not overcome. On August 3rd, the pair broke out from consolidation thru the bottom. EURAUD has slumped 100 pips dynamically from 1.5735. Now the situation is stabilizing. Perhaps there will be an upward rebound. If this happens, it will be a great opportunity to open a short position. If there is a continuation of declines, the first target for bears will be around 1.5465, where the price reacted several times. The real challenge will be to overcome significant support at 1.5275, here is the June low.
