• EURAUD reversed from support area
• Likely to reach resistance level 1.5465

EURAUD currency pair recently reversed up from the support area located between the key support level 1.5270 (which stopped the previous sharp downward impulse wave 3 at the end of February) and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer Doji – which started the active short-term corrective wave (ii).

Given the strength of the aforementioned support area, significant outflows from the Australian dollar and the bullish divergence on the daily Stochastic indicator – EURAUD currency pair can be expected to rise further toward the next minor resistance level 1.5465.