EURAUD Wave Analysis 3 October 2024

• EURAUD reversed from strong support level 1.6020
• Likely to rise to resistance level 1.6260

EURAUD currency pair recently reversed up from the strong support level 1.6020 (which stopped the multi-month downtrend in June) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.6020 will likely form the daily Japanese candlestick reversal pattern Morning Star.

Given the strength of the support level 1.6020, bullish euro sentiment and the oversold daily Stochastic, EURAUD currency pair can be expected to rise further to the next resistance level 1.6260 (former low from August).