EURAUD on hourly interval approached to the resistance level at 1.6150. After his breakthrough nearest target will be 1.6585 which is a maximum of 24 August. The trend is upward (confirmed with the red line on the graph H1 and breakout from the consolidation on W1 chart). Any descent of pointed resistance should not be too deep because the bears will have to overcome several suport levels. Key support is at 1.5600.
Two weeks ago resistance that stopped move up for more than 2 years was broken. Long candle PIN BAR looks like fakey, but last week’s candle confirmed the move up. August 24 the price has tested level which has not been since 2009 and return of the bulls to that level is a matter of time. After breakout the level 1.6585 next target will be at 1.7400.