The growth of the EURAUD pair that has been going on since Tuesday afternoon has not ended yet. The price without a major stoppage broke through the resistance at 1.5700, and now it reaches the next, much more important. It is probably here that the future of this currency pair will be decided.
EURAUD is just under very important resistance at 1.5860. Since the descent below this level in mid-May, the bulls have never been able to breach permanently above it. The long upper wick of the current four-hour candle can be a confirmation of the difficulty in overcoming the barrier.
If there is no breakdown, a downward correction is likely to occur, especially after such a dynamic appreciation. It should easily reach around 1,5700. However, if 1.5860 broken, we can expect a rally in the vicinity of the resistance from the daily chart, which is at 1.6085, where the price was last time at the end of April.
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