EURAUD Wave Analysis – 24 March, 2020

• EURAUD reversed from round resistance level 2.0000
• Likely to fall to 1.8000

EURAUD recently reversed down sharply from the key round resistance level 2.0000 – standing well outside of the upper weekly Bollinger Band.

The downward reversal from the resistance level 2.0000 started the active weekly downward correction (ii) – which belongs to the longer-term impulse wave 3 from 2019.

Given the overbought reading on the weekly RSI indicator – EURAUD is likely correct down further toward the next support level 1.8000.