EURAUD Wave Analysis – 08 January, 2020

• EURAUD reversed from resistance area
• Likely to fall to 1.6300

EURAUD recently reversed down from the resistance area lying between the resistance level 1.6300 (which has been reversing the price from October), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous ABC correction 2.

The downward reversal from the resistance level 1.6300 stopped the previous sharp impulse wave 3 from December.

EURAUD is likely to fall further toward the next support level 1.6150 (former support from last month). Strong resistance stands at the resistance level 1.6300.