EURAUD Technical Analysis Report 12 November, 2020

  • EURAUD reversed from support area
  • Likely to rise to resistance level 1.6500

EURAUD today reversed up sharply from the support area located at the intersection of the long-term support level 14.21 (which has been repeatedly reversing all downward impulse waves and correction from April – as can be seen form the daily EURAUD chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous minor ABC correction (ii) from the middle of October.

With the rising bullish sentiment affecting the euro today  – EURAUD is expected to rise further in the active impulse waves (iii) and 3 toward the next strong resistance level 1,6500 (which formed the top of the previous minor Japanese candlestick Shooting Star  at the start of this month).

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