(MENAFN- FxPro)
- EURAUD reversed from resistance area
- Further losses are likely
EURAUD recently reversed down sharply through the resistance area lying between the long-term resistance level 1.6675, upper daily Bollinger Band and the resistance trendline of the daily up channel from April.
The downward reversal from this resistance area started the active short-term impulse wave (c) of the ABC correction (ii) from the start of August.
EURAUD is expected to fall further and retest the next support level 1.6220 (former resistance from July and the target price for completion of active wave (iii)).
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