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 key support level 1.6025
• Likely to rise to 1.6255
EURAUD recently reversed up from the key support level 1.6025 (which has been steadily reversing the price from September of 2019 as can be seen below).
The upward reversal from the support level 1.6025 stopped the previous medium-term impulse wave (3).
Given the oversold daily Stochastic – EURAUD is expected to rise further toward the next resistance level 1.6255 (top of the previous medium-term correction (2) from the middle of December).
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