• EURAUD reversed from key support level 1.5574
• Likely to rise to resistance level 1.5700
EURAUD currency pair recently reversed up from the key support level 1.5574 (which has been reversing the price from the end of November, as can be seen from the daily EURAUD chart below), strengthened by the nearby lower daily Bollinger Band. The upward reversal from the support level 1.5574 continues the active short-term impulse wave 3 of the longer-term wave (3) from October.
Given the still oversold daily Stochastic and the improved euro sentiment seen across the FX markets today – EURAUD currency pair can be expected to rise further toward the next resistance level 1.5700.