EURAUD Wave Analysis – 5 December, 2022

• EURAUD under the bullish pressure

• Likely to rise to resistance level 1.5650

EURAUD under the bullish pressure after the earlier upward reversal from the major support level 1.5332 (former strong resistance from March and June) – which has been steadily reversing the price from November.

The upward reversal from the support level 1.5332 created the clear daily Japanese candlesticks reversal pattern Piercing Line.

EURAUD can be expected to rise further toward the next resistance level 1.5650 (top of the previous intermediate correction (2)).