EURAUD Wave Analysis – 05 August, 2020

• EURAUD falling inside impulse wave 3

• Likely to fall to 1.6325

EURAUD recently reversed down from the pivotal resistance level 1.6540 (monthly high from June, previous powerful support from April and May) – standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 1.6540 started the active short-term impulse wave 3.

EURAUD is likely to fall further toward the next support level 1.6325 (former minor correction low from the end of June).