EURAUD has been moving up since mid-July. The rebound occurred at 1.4480 area and it was another reaction of the price in this area. Currently EURAUD is at 1.4800 resistance and if the price breaks this level, next goals for the demand will be located at: 1.4900, 1.5000 – 1.5040, 1.5220.

Current main scenario is upward movement. Even if it is only correction after 1,5 months of sell-off, rebound must occur and strong support at 1.4480 strengthens this scenario.

EURAUD_H4

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Piotr Drabik
Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.

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