• EURAUD reversed from support area
• Likely to rise to resistance level 1.5840

EURAUD currency pair recently reversed up from the support area lying between the key support level 1.5676 (former strong resistance from February and April) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous short-term impulse wave (i) – which belongs to higher order impulse wave 3 from the start of June.

Given the rising euro bullishness seen across the FX markets today – EURAUD currency pair can be expected rise further toward the next resistance level 1.5840 (top of the previous minor correction 2 from the start of June).