EURAUD Wave Analysis – 26 August, 2022

• EURAUD reversed from support level 1.4325

• Likely to rise to resistance level 1.4470

EURAUD currency pair recently reversed up from the key support level 1.4325 (which stopped the previous sharp downward impulse wave (5) in April).

The support area near the support level 1.4325 was strengthened by the lower daily Bollinger Band. The pair is likely to form today the Bullish Engulfing – strong bullish signal for this currency pair.

Given the strength of the support level 1.4325, EURAUD can be expected to rise further toward the next resistance level 1.4470.