EURAUD Wave Analysis – 15 November, 2021

• EURAUD reversed from key resistance level 1.5700

• Likely to fall to support level 1.5360                                                                        

EURAUD continues to fall after recently reversing down from the key resistance level 1.5700 (which has been reversing the price from the end of May, as can be seen from the daily EURAUD chart below) – strengthened by the upper daily Bollinger Bad.

The downward reversal from the resistance level 1.5700 started the active short-term corrective wave (2).

Given the strong euro bearishness seen today, EURAUD can be expected to fall further toward the next support level 1.5360 (earlier monthly low from October).