• EURAUD reversed from support level 1.6020
• Likely to rise to 1.6250

EURAUD currency pair recently reversed up from the key, long-term support level 1.6020 (which has been repeatedly reversing this currency pair from the start of June as can be seen from the daily EURAUD chart below) – standing near the lower daily Bollinger Band. The upward reversal from the support level 1.6020 stopped the previous minor impulse wave 3 from the start of December.

Given the oversold daily Stochastic, the strength of the support level 1.6020 and the rising euro sentiment seen across the FX markets today –  EURAUD currency pair is likely to rise further toward the next resistance level 1.6250 (top of the previous minor correction which formed the daily reversal pattern Shooting Star earlier this month).