• EURAUD reversed from resistance area
• Likely to fall to support level 1.5300
EURAUD currency pair continues to fall after the price reversed down from the resistance area lying between the resistance level 1.5645 (low of the previous impulse wave 1 from the middle of January), resistance trendline of the daily down channel from October and the 61% Fibonacci correction of the previous downward impulse (i) from last month. The downward reversal from this resistance area created the daily Bearish Engulfing – which started the active impulse wave (iii).
Given the clear daily downtrend and the strong Australian dollar bullish sentiment seen across the FX markets today – EURAUD currency pair is likely to fall further toward the next support level 1.5300 (which stopped the previous impulse wave (i)).