• EURAUD broke support zone
• Likely to fall to support level 1.590
EURAUD currency pair recently broke the support zone located between support level 1.6000, support trendline of the daily up channel from July and the 50% Fibonacci correction of the earlier sharp upward impulse wave from the start of July. The breakout of this support area accelerated the active medium-term ABC corrective wave (4), which started earlier from the major resistance level 1.6400.
Given the rising Australian dollar sentiment seen across the FX markets today – EURAUD currency pair can be expected to fall further in the active medium-term wave (4), toward the next support level 1.590 (low of the previous minor correction 4 from the start of August).