EUR/AUD Might Bounce off 1.4780

EUR/AUD tested the resistance around 1.4770 – 1.4780 several times ever since it reached that level for the first time in the beginning of last week, but so far it has not been able to break above it. More importantly, the pair has formed a spinning top candlestick as well as a doji candlestick below the aforementioned resistance level on the daily time-frame, which are strong indicators that we can likely expect a new move to the downside towards the support at 1.4480. On the other hand, if the pair manages to break above the resistance at 1.4470 – 1.4480 it will likely continue moving to the upside until it reaches 1.5000, which coincides with (MA)89 on the daily time-frame.