EURAUD Wave Analysis – 16 June, 2020

• EURAUD reversed from resistance area
• Likely to fall 1.6084

EURAUD recently reversed down from the resistance zone lying between the key resistance level 1.6500( former strong support from the end of May) and the 50% Fibonacci retracement of the earlier downward impulse from the start if May.

The downward reversal from this resistance area created the daily candlesticks reversal pattern Shooting Star – which continues the active major impulse wave V.

EURAUD is likely to fall further toward the next strong support level 1.6084 (which has been reversing the price from the middle of February).