EURAUD has been moving in a trend and is re-testing vast majority of the previously defeated levels of resistance (later as support).
Market has been moving for a long time north. It is noteworthy that these increases took place in a very technical manner and after each growth impulse there was a downward adjustment, which in most cases ended with a re-test of the previous resistance.
Sometimes these corrections were deeper and sometimes shallow, but each time they were less dynamic than previous impulses.
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Currently as a result of Friday’s declines pair reached level 1.4900, which is the last defeated resistance (now supported). Taking into account the dynamics of these falls, it seems more likely to overcome this level which could open way to further declines even to level 1.4640.
It is also worth noting that overcoming the current support would create a sequence of increasing lower lows that can be a first sign of change in market sentiment.
