EURAUD Wave Analysis 12 November, 2020

• EURAUD reversed from long-term support level 1,6160

• Likely to rise to 1,6400

EURAUD today reversed up from the long-term support level 1,6160 (which has been repeatedly reversing the pair from June, as can be seen below) coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 1,6160 started the active short-term corrective wave (2).

EURAUD is likely to rise further toward the next resistance level 1,6400 (which runs parallel to the 38,2% Fibonacci correction of the previous downward impulse form October).