• EURAUD reversed from support zone
• Likely to rise to resistance level 1.6080
EURAUD currency pair recently reversed up from the support zone located between support level 1.5900 (which was set as the likely downward target in our earlier forecast for this currency pair), lower daily Bollinger Band and the and the 61.8% Fibonacci correction of the earlier sharp upward impulse wave from the start of July. The upward reversal from this support area stopped the previous impulse wave 1.
Given the rising bullish euro sentiment seen across the FX markets today – EURAUD currency pair can be expected to rise toward the next resistance level 1.6080. Strong support remains at the aforementioned support level 1.5900.