EURAUD Wave Analysis 1 August 2024

– EURAUD reversed from long-term resistance level 1.6670

– Likely to fall to support level 1.6400

EURAUD currency pair recently reversed down from the resistance area located between the major long-term resistance level 1.6670 (which has been reversing the pair from January), 61.8% Fibonacci correction of the downtrend from 2023 and the upper weekly Bollinger Band.

The downward reversal from this resistance zone is likely to form the weekly Shooting Star (strong sell signal) – if the pair closes this week near the current levels.

Given the strength of the resistance level 1.6670, EURAUD currency pair can be expected to fall further toward the next support level 1.6400.