Categories: Technical analysis

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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: EURAUD

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