• EURAUD reversed from resistance area
• Likely to fall to support level 1.5800
EURAUD currency pair recently reversed down from the resistance area lying between the key resistance level 1.6100, upper Bollinger Band and the resistance trendline of the daily up channel from the start of May. The downward reversal from this resistance area stopped the previous short-term impulse wave 5 – which belongs to the extended upward impulse wave (3) from the start of May.
Given the strong bullish sentiment affecting the Australian dollar today – EURAUD currency pair can be expected to fall further toward the next support level 1.5800 (which stopped the previous correction 4, target for the completion of the active impulse wave 1).