EURAUD Wave Analysis – 17 December, 2019

• EURAUD reversed from resistance area
• Likely to fall to 1.6100

EURAUD currently trading close to the resistance area lying between the key resistance level 1.6300 (which has been reversing the price from October) and the upper daily Bollinger Band.

The price breaks through this resistance area – EURAUD can then rise to the next resistance level 1.6440 (top of the previous impulse wave 1).

The pair fails to break above the aforementioned resistance area – EURAUD can then fall to the next support level 1.6100 (low of the previous short-term correction (ii)).