Previous analysis of EURAUD was quite profitable. I forecasted return to upward movement after the correction. So it happened however demand was stronger and the price rebounded 60 pips higher that I pointed.

Since the beginning of current week demand has had problem with resistance at 1.5580 level. That level isn’t very strong so soon it should be broken. Next level at 1.5700 is much more important and it should caused rebound. If it happens, correction may be deep and could reach 1.5200 (38.2% Fibonnacci level). I will remind long term forecast from previous analysis: “In a long term EURAUD has been staying in consolidation between 1.4350 – 1.6200 so there is a lot of place for further upward movement”.

YOU CAN START TRADING ON FOREX MARKET USING FREE XM BROKER ACCOUNT.

EURAUD-H4_ang

Error, group does not exist! Check your syntax! (ID: 3)