Last analysis EURAUD from September 30 brought 140 pips profit. I wrote: “break below the support on 1.5900 should lead price firstly to 1.5760 and secondly to 1.5600”. And indeed the downward movement was very dynamic and the first target was reached the next day.
Earlier this week price tested significant support level of 1.5500. Currently, rebound is in progress, which as yet is not too successful. The upward move was detained at the fibo 50% of downward movement, which currently looks like a pause in further falls. However, break above resistance level at 1.5780 should lead price up to 1.6150. If the weakness of the bulls will lead to support breakout at 1.5420 this downward movement can be very deep. Substantial support on daily interval can be seen at 1.3700. The nearest supports: 1.5600, 1.5500, 1.5420. The nearest resistances: 1.5670, 1.5780, 1.5970, 1.6150, 1.6250.
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