• EURAUD reversed from support area
• Likely to rise to resistance level 1.6175
EURAUD currency pair recently reversed up with the daily candlesticks reversal pattern Morning Star from the support area located between the key support level 1.5930 (low of wave 4 from the end of July), lower daily Bollinger and the 50% Fibonacci correction of the upward price impulse (C) from the start of July. The upward reversal from this support area stopped the previous downward impulse wave (1).
Given the strongly bearish Australian dollar sentiment seen across the currency markets today – EURAUD currency pair can be expected to rise further toward the next resistance level 1.6175 (previous monthly high from the middle of July).