Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURAUD reversed from resistance level 1.5335
• Likely to fall to support level 1.500
EURAUD recently reversed down from the key resistance level 1.5335 (which has been reversing the price from the start of March), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from February.
The downward reversal from the resistance level 1.5335 stopped the previous short-term ABC correction 2.
Given the widespread euro sales, EURAUD can be expected to fall further toward the next round support level 1.5000.
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