InvestMate|EUR/AUD We are falling to a strong support zone💶

30 בנוב׳ 2022💶EUR/AUD We are falling to a strong support zone.

💶At last, after a long accumulation between levels, it is time for a decisive direction.

💶Looking at the size of the current candles and adding to the fact that the Euro is falling on most pairs, I can safely say that it is time to test the local support levels on this pair.

💶I determined the nearest support zone based on the fibo level of the entire downward wave from the 2008 peak to the 2012 bottom.

💶As you can see, over the last few weeks we have bounced repeatedly from the resistance zone set based on the 0.236 level of the entire downward wave from the 2020 peak to the 2022 low.

💶It looks like we have currently bounced off it for good

💶The scenario I am playing out is a continuation of the declines on a wave of weakening of the euro to reach the local support zone marked on the chart. At that point I will be watching closely to see how the price will react in order to predict the next move. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

💶 *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.

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