EURAUD Wave Analysis – 21 April 2023

• EURAUD reversed from support level 1.6235

• Likely to rise to resistance level 1.6440

EURAUD currency pair recently reversed up from the support level 1.6235 (former resistance from March) coinciding with the 20-day moving average and the 50% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 1.6235 created the weekly Japanese candlesticks reversal pattern Morning Star.

Given the clear daily uptrend, EURAUD can be expected to rise further toward the next resistance level 1.6440 (top of the previous impulse wave 3).