EUR/AUD: Sell target - 1.4600 || 05-03-2016

By: Dmitriy Chernovolov 

• EUR/AUD reached sell target 1.4900
• Next sell target - 1.4600

EUR/AUD has been falling strongly in the last few trading sessions – in line with our previous forecast for this currency pair. The price initially broke through the round support level 1.5000 – which accelerated the active intermediate impulse wave (3) (which belongs to the primary downward impulse ③ from February) – which then broke the support level 1.4900 (which was set as the sell target in our earlier forecast for this currency pair).

Given the strength of the active impulse waves (3) and ③ - EUR/AUD can be expected to fall further toward the next sell target at the support level 1.4600. Sell stop-loss can be placed above the round resistance level 1.5000.