• EURAUD reversed from resistance level 1.5930
• Likely to fall to support level 1.5670
EURAUD currency pair recently reversed down from the key resistance level 1.5930 (former top of wave 4 from January) standing near the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from December . The downward reversal from this resistance level stopped the previous minor impulse wave 1 – which belongs to the extended upward impulse sequence (1) from the end of February.
Given the prevailing daily downtrend and the strengthening Australian dollar bullishness seen across the currency markets today – EURAUD currency pair can be expected to fall further toward the next support level 1.5670 (which has been reversing the price from the start of June).