After the price broke below 61.8% Fibonacci it seems that the long-term trend is bearish. But currently, EUR/AUD is having a corrective wave up that has not tested the upside target yet, while the resistance has been broken.
Fibonacci applied to the descending channel trend line shows that the upside target is around 1.5900 area. The very same resistance area is produced by 23.6% Fibs applied to the low of April 29 and high of August 24.
The previous level of resistance (38.2% Fibs) has now became the support level - S1 where it could be a good idea to start looking for buying opportunities. With the target around 1.5900 area, stop loss should be well below the S1.
Support: 1.5475
Resistance: 1.5900
