EURAUD target around 1.40 - 1.2.2013
The EURAUD currency pair formed "inverted head and shoulders" with the head level at 1.16 and the neck level 1.28. Subsequent overcoming the resistance level at 1.30 confirms the growth prospects. According to the IFC Markets analytical department opinion, the target level is 1.40 (see the chart).
We recall that the bearish trend for EURAUD has been prevailing since the beginning of 2009.. At that time, the euro coasted twice as much than the Australian dollar. The graphic trend reversal pattern has been forming throughout 2012.