EURAUD Wave Analysis 16 October, 2020

• EURAUD approached key resistance level 1.6575

• Likely to rise to 1.6760 if 1.6575 is broken

EURAUD today approached the key resistance level 1.6575 (which has been reversing the price from the middle of June) intersecting with the upper daily Bollinger Band.

If the pair breaks above the resistance level 1.6575 – EURAUD can be expected to rise further toward the next resistance level 1.6760 (former multi-candle resistance from May).

Alternatively the pair is likely to correct down to the next support level 1.6400 – if EURAUD fails to break above the resistance level 1.6575.