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EUR/AUD reversed from resistance level 1.5060

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  • EUR/AUD reversed from resistance level 1.5060
  • Next sell target - 1.4900

EUR/AUD recently reversed down from the powerful resistance zone lying between the major, multi-month resistance level 1.5060 (which reversed the price in the middle of September) and the upper daily Bollinger Band. If the pair closes today near the current levels it will then form the daily Japanese candlesticks reversal pattern Evening Star Doji.

Given the strongly overbought reading on the daily Stochastic indicator - EUR/AUD can be expected to fall to the next sell target at the support level 1.4900 (former resistance level from the start of May).

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