- EURAUD broke support zone
- Further losses are likely
EURAUD recently broke through the support zone lying between the support level 1.6100 (which reversed the price at the start of August) and the 61.8% Fibonacci correction of the previous upward impulse from April.
The breakout of this support zone accelerated the active short-term impulse wave (c) – which belongs to the short-term ABC correction (ii) from August.
EURAUD is expected to fall further and retest the next support levels 1.6000 – followed by 1.5900 (monthly low from July and the target for the completion of wave (ii)).