• EURAUD reversed from support area
• Likely to rise to resistance level 1.6122
EURAUD currency pair recently reversed up from the support area located between the key support level 1.5930 (former resistance from January and June), 20-day moving average and the 38.2% Fibonacci correction of the earlier sharp upward impulse from the start of July. The upward reversal from this support area continues the active minor impulse wave (v) of the impulse wave 1 from the end of February.
Given the strengthening euro sentiment seen across the currency markets today – EURAUD currency pair can be expected to rise further toward the next resistance level 1.6122 (top of the previous sharp upward impulse wave (i)).