EURAUD Wave Analysis 27 May 2024

– EURAUD reversed from resistance level 1.6365

– Likely to fall to support level 1.6210

EURAUD currency pair previously reversed down from the key resistance level 1.6365, former support from April and January.

The resistance level 1.6365 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous downward impulse 1 from April.

EURAUD can be expected to fall further to the next support level 1.6210, which stopped the previous impulse wave 1.