EURAUD Technical Analysis Report 8 January, 2021

• EURAUD falling inside impulse wave 3
• Likely to test strong support level 1,5676

EURAUD currency pair falling strongly inside the weekly downward impulse wave 3 – which belongs to the medium-term downward impulse sequence (C) from October of 2020. The price earlier broke the two powerful support levels – 1,6030 (which has been reversing the price from the end of 2019) and 1.5900 (former low from the middle of 2019) – which added to the bearish pressure on this currency pair and accelerated the active impulse wave 3.

Given the rising risk appetite after and the resultant significant Australian dollar bullishness seen across the – EURAUD is expected to fall further toward the next strong support level 1,5676 (yearly low from 2019) – from where the price is likely to correct up.

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