EURAUD Wave Analysis 21 January, 2021

• EURAUD reversed from key support level 1.5600

• Likely to rise 1.5760

EURAUD previously reversed up from the key support level 1.56025 (which stopped the previous sharp downward impulse wave (3) in the middle of January).

This upward reversal counters the earlier downward impulse wave (5) and the multi-month downtrend from last October.

Given the clear bullish divergence on the daily RSI indicator – EURAUD is expected to rise further toward the next resistance level 1.5760 (top of the previous corrective wave (4)).