A strong growth impulse on EURAUD continues. The price of the currency pair has been rising steadily since last Monday. After a rebound from the 1,5350 bulls pushed the price by about 500 pips. The new week opened with a bullish gap, which allowed to reach the region of resistance at 1,5860. Now we are dealing with a slowdown in growth.
The end of growths or a temporary shortness of breath?
The EURAUD exchange rate broke through without any problems the resistance at 1.5530. The first problems of demand arose around the significant resistance at 1.5760, which, however, was overcome after one day of hesitation. Now we can see a similar situation at 1,5860. This resistance worked very well in July-August, and then it was confirmed after the November retest.
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If we see a breakthrough 1,5860, then the next target for bulls should be 1,6060. In this way, there will be almost 200 pips of space for growth. The next resistance is only around this year’s highs at 1.6350. If there is a rebound from the current resistance, we can only talk about decreases after overcoming the support of 1.5760, then the way to 1.5530 will be opened.