Technical analysis

EURAUD Wave Analysis – 12 August, 2021

• EURAUD reversed from key support level 1,5900
• Likely to rise to resistance level 1.6130

EURAUD currency pair recently reversed up from key support level 1,5900 (which stopped the previous wave 4 at the end of July), intersecting with the lower daily Bollinger band.

The support zone near the support level 1,5900 was further strengthened by the 50%Fibonacci correction of the upward impulse (C) from the start of July.

EURAUD currency pair can be expected to rise further toward the next resistance level 1.6130.

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