EurAud H4 - 08.01.24

The main target for the price, having broken the downtrend, is the 61.8% level. However, before the upward movement continues, we expect the price to retrace between the 61.8% and 76.4% levels of the recent upward move on the chart. Furthermore, if the upward trend persists, our initial strong resistance level stands at the 38.2% level.