Comparic

Time to break down from consolidation?

FX_IDC:EURAUD   Euro / Australian Dollar
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EURAUD exchange rate for a week is moving in more than 150-pips consolidation, which was formed after setting the maxima at 1.5073. The wider trend remains bullish , but signs of weakening are showing, even in the form of the discussed consolidation.

Currently the rate is at the lower limit of this consolidation, which is located at 1.4930. Successful breakdown of this support may involve further price declines. The nearest target for falls in this scenario will be around 1.4800.The alternative in this case is consecutive reflection from support, which will result in continuation of sideways movement.
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