Technical analysis

EURAUD Wave Analysis – 4 July, 2022

EURAUD Wave Analysis – 4 July, 2022

• EURAUD reversed from resistance level 1.5315
• Likely to fall to support level 1.5070

EURAUD recently reversed down from the key resistance level 1.5315 (which has been repeatedly reversing the pair from the start of March).

The resistance level 1.5315 was further strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the earlier downward impulse from the start of February.

EURAUD can be expected to fall further toward the next support level 1.5070 (low of the previous short-term correction 4 from the end of June).

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