In the analysis of September 21, when the price was at 1.5764 quite precisely I pointed levels between EURAUD will move. I wrote: “If break below that consolidation (1.5660) will be successfully next support on 1.5600 has a chance to cause a rebound.” and “break above resistance 1.5940 will take price first to 1.6160” (red symbols on the chart).

Currently move is between levels 1.6250 and 1.5900. Beyond the resistance of 1.6250 price will move to the August maximum of 1.6600. This level should lead to rebound. However, if the bulls turned out to be quite strong break above pointed maximum may bring the price up to 1.7400. Alternatively break below the support on 1.5900 should lead price first to 1.5760 and second to 1.5600.

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Author of blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.