• EURAUD reversed from resistance zone
• Likely to fall to support level 1.5428
EURAUD currency pair recently reversed down from the resistance area located between the key resistance level 1.5710 (former multi-month support from June and July), upper daily Bollinger band and the 38.2% Fibonacci correction of the previous sharp downward impulse from the middle of September. The breakout of this resistance zone stopped the previous impulse wave 1 from the end of October.
Given the strength of the aforementioned resistance area and strongly bearish euro sentiment seen across the FX markets today, EURAUD currency pair can be expected to fall further toward the next support level 1.5428 (target for the completion of the active minor correction 2).