Euro Rally

EURAUD Technical Analysis Report 19 May, 2021

• EURAUD broke resistance area
• Likely to rise to resistance level 1.5900

EURAUD currency pair recently broke the resistance area lying between the pivotal resistance level 1.5670 (which has been reversing the price from the end of February) and the 61.8% Fibonacci correction of the previous downward impulse from the end of January. The breakout of this resistance area accelerated the active minor impulse wave (c) – which belongs to the intermediate ABC correction 2 from the end of February.

Given the strongly bullish euro sentiment seen across the FX markets today EURAUD currency pair can be expected to rise further toward the next resistance level 1.5900 (top of the previous minor correction (iv) from the end of January).

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