Technical analysis

EURAUD Wave Analysis – 17 August, 2022

EURAUD Wave Analysis – 17 August, 2022

• EURAUD reversed from support level 1.44

• Likely to rise to resistance level 1.4740

EURAUD currency pair recently reversed up sharply from the powerful support level 1.4400 (which previous stopped the sharp downtrend in April, as can be seen below).

The upward reversal from the support level 1.4400 started the active minor correction 2.

Given the strength of the nearby support level 1.4400, strong bullish euro sentiment, EURAUD can be expected to rise further toward the next resistance level 1.4740 (former monthly low from June, target for the end of wave 2).

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