• EURAUD reversed from support area
• Likely to rise to 1.6375

EURAUD recently reversed up from the support zone located between the long-term support level 1.6056 (which has been repeatedly reversing the price from the middle of February) and the lower daily Bollinger Band. The upward reversal from this support area started the active short-term impulse wave 3 which belongs to intermediate upward impulse sequence (3) – which started from the same level in June.

Given the strength of the support level 1.6056, bullish divergence on the daily Stochastic and the growing euro optimism on hopes for the Brexit deal and the soon improvement of Eurozone economy because of the mass vaccination being started in multiple EU countries – EURAUD is expected to rise further in the active impulse wave 3 toward the next resistance level 1.6375 (top of the previous wave (b)).