• EURAUD broke resistance area
• Likely to rise to resistance level 1.6250
EURAUD recently broke the resistance area lying at the intersection of the key resistance level 1.5940 (which has been reversing the price from the end of January) and the resistance trendline of the daily up channel from the middle of March. The breakout of this resistance area accelerated the active short-term impulse wave 3 – which belongs to the extended upward impulse sequence (C) from the start of May.
Given strengthen bearish Australian dollar sentiment seen today – EURAUD currency pair can be expected to rise further toward the next resistance level 1.6250 (top of wave 2 from December and the target for the completion of the active impulse wave (C)).