EUR/AUD Breaks Support

Price has failed to continue bullish and form a clear higher high. Today we have seen a large bearish candle, which looks to be heading towards the 1.52150 key support (highlighted in blue). Market participants are watching this move closely as a break of this support would open up further downside space.

A break below current support would indicate that bears are ready to push the price down to the support level at 1.52. If that level is taken out, we could see the pair continue to drop to the area of 1.5090 which would make a double bottom and probably bounce off in attempt by the bulls to catch the trend reversal.

Major bear target is seen at 1.44 which is the lowest low since last year.

Chart: EUR/AUD D1