FxGrow Daily Technical Analysis – 14th Dec, 2015
By FxGrow Research & Analysis Team
EURAUD - reached to resistance, for the last week point for the bulls
At the beginning of December there was a test of support at 1.4400 level. That level caused dynamical rebound. After impressing last week's candle (at weekly time-frame), price reached to the resistance that stopped upward movement. Currently this upward movement should be treated as a correction.
However it is likely that price will reach to 1.5500 level where is resistance and fibo 50% of last downward movement or even to 1.5720 level where is fibo 61,8%. On each of that important levels: 1.5270, 1.5500, 1.5720 bears will be looking oportunity to end that correction. When declines will back we will be able to determine in what condition are the bulls. Then it turns out if it is a chance to return to upward movement, which last at EURAUD since April 2015.
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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.