Technical analysis

EURAUD Wave Analysis – 26 July 2023

– EURAUD reversed from support zone

– Likely to rise to resistance level 1.6540

EURAUD currency pair recently reversed up from the support zone lying between the key support level 1.6300 (which has been reversing the price from June), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from June.

The upward reversal from this support area is likely to form the daily candlesticks reversal pattern Bullish Engulfing.

EURAUD can be expected to rise further toward the next resistance level 1.6540 (which stopped the previous waves A, B and (C)).

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