Looking at the EURAUD, we notice that despite the fact that as a result of the ongoing from April 25 declines the pair has not reached the technical support level (1.5220), for several days we have again been seeing the advantage of bulls. If the current trend is continued, from the technical point of view we could expect a re-test of the recently defeated support (now resistance) in the near future. Taking into account that this level very closely coincides with the 38.2% Fibonacci correction from recent drops, a supply reaction could occur in its vicinity. If it turns out to be enough to permanently reject this zone, then we would expect a continuation of declines.

EURAUD Daily

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