EURAUD Technical Analysis 18 October, 2021

• EURAUD reversed from support zone
• Likely to rise to resistance level 1,5800

EURAUD currency pair continues to rise after the price reversed up from the support zone lying between the key support level 1,562 (previous monthly low from July, as can be seen from the daily EURAUD chart below), lower support trendline of the daily down channel from August and the lower daily Bollinger Band .The upward reversal from this support zone stopped the previous impulse wave 3.

Given the strength of the aforementioned support zone and the oversold daily Stochastic indicator , EURAUD currency pair can be expected to rise toward the next resistance level 1,5800 (former support from July).

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