EURAUD Wave Analysis – 24 May 2023

• EURAUD broke resistance level 1.6340

• Likely to rise to resistance level 1.6500.

EURAUD currency pair recently broke the resistance level 1.6340 (which has been steadily reversing the pair from the start of May, as can be seen below).

The breakout of the resistance level 1.6340 coincided with the breakout of the 38.2% Fibonacci correction of the previous downward correction (a) from the end of April.

Given the clear daily uptrend, EURAUD can be expected to rise further toward the next resistance level 1.6500.