At the beginning of December there was a test of support at 1.4400 level. That level caused dynamical rebound. After impressing last week’s candle (at weekly time-frame), price reached to the resistance that stopped upward movement. Currently this upward movement should be treated as a correction.
However it is likely that price will reach to 1.5500 level where is resistance and fibo 50% of last downward movement or even to 1.5720 level where is fibo 61,8%. On each of that important levels: 1.5270, 1.5500, 1.5720 bears will be looking oportunity to end that correction. When declines will back we will be able to determine in what condition are the bulls. Then it turns out if it is a chance to return to upward movement, which last at EURAUD since April 2015.
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