The situation on EURAUD is becoming more and more interesting. The price of the currency pair is stuck between two levels close to each other. 1,5760 and 1,5860 in the past proved to be excellent both as a support and resistance. After the rebound from the upper limit of this range, we are slowly preparing for the 1.5760 test, which will also be a retest of the breakthrough from the end of last week.
The breakthrough will determine the future direction of EURAUD
The EURAUD exchange rate has respected 1.5760 since the beginning of November. Resistance to 1,5860 is slightly older, it worked very well during the summer holidays, and on Monday it worked again. A breaking of any of these levels may determine the future movement on this pair.
If it comes down below support of 1.5760, the closest target for EURAUD is more than 200 pips lower, at 1.5530. This level kept the price before the falls for most of November, not counting the breakthrough at the end of November.
In the case of a bullish attack and a breakthrough above the 1.5860 resistance, the way to the 1.6060 resistance will open up. There will also be space to earn 200 pips. Either way, it all depends on the movements of the pair in the coming days.