EURAUD Wave Analysis – 27 May, 2020

• EURAUD reversed from support level 1.6500

• Likely to rise to 1.6845

EURAUD recently reversed up from the pivotal support level 1.6500 (which has been reversing the price from the end of April), standing close to the lower daily Bollinger Band.

The upward reversal from the support level 1.6500 is set to form the daily Japanese candlestick reversal pattern Bullish Engulfing – if the price closes today near the current levels.

Given the clear bullish divergence on the daily Stochastic – EURAUD is likely to rise further toward the next resistance level 1.6845 (top of the previous correction II).