EURAUD short view
EURAUD, the pair is in bearish consolidation after rising to 1.57000 levels. When we set Fibonacci, we see that we are now at 23.6%. We have already had a breakout below this level, so we could expect further declines in the euro against the Australian dollar. The next target is at 1.52000, around 38.2% of the Fibonacci level. We could also test 1.50000 if the euro continues to weaken. The weakening of the US dollar will help the Australian dollar to strengthen, and therefore we expect a bearish trend on the EURAUD pair.
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