Technical analysis

EURAUD Wave Analysis 5 May, 2021

• EURAUD reversed from powerful resistance level 1.5630

• Likely to fall to support level 1.5455

EURAUD recently reversed down from the powerful resistance level 1.5630 (which has been repeatedly reversing this currency pair from last February).

The resistance area near the resistance level 1.5630 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from January.

Given the strong daily downtrend – EURAUD is likely to fall further toward the next support level 1.5455 (which stopped the previous impulse wave 1 in April).

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