Tonight there was a strong weakening of the Australian dollar. You can see it also in pair with the euro. The price rebounded from support at 1.6060 and currently, it is almost 100 pips higher. Does this mean that we have already missed the moment to join the rises? Maybe not, need to wait for a downward correction first.

No break out from the channel

The price of EURAUD from the beginning of September is in the channel between support at 1.6060 and resistance at 1.6330. There were short breakouts but did not last long. It is not different this time. If during the European session the level of recent gains will be offset, it will be possible to open a long position with the target at 1.6330. If you do not care about receiving a high profit-risk ratio, you can enter long now.

In case of going below support at 1.6060, another important level is only at 1.5850, where declines were stopped at the end of August.

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