Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURAUD reversed from support area
• Likely to reach resistance level 1.6000
EURAUD recently reversed up from the support area lying between the long-term support level 1.5390 (which has been reversing the price from the middle of 2018) and the lower daily Bollinger band.
The upward reversal from this support area is likely to form the weekly candlesticks reversal pattern Bullish Engulfing.
EURAUD is likely to rise further toward the next resistance level 1.6000 (top of the previous corrective wave ② from the start of this year).
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