EURAUD Wave Analysis – 08 August, 2019

EURAUD reversed from resistance zone
Further losses are likely

EURAUD recently reversed down sharply from the resistance zone lying between the multi-month resistance level 1.6675 (monthly high from January) and the upper daily Bollinger Band.

The downward reversal from this resistance zone created eth daily Japanese candlesticks reversal pattern Shooting Star Doji.

EURAUD is expected to fall further and retest the next support level 1.6400 (former strong resistance from 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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