EURAUD Wave Analysis 7 October, 2020

• EURAUD falling inside impulse wave 3

• Likely to reach 1.6300

EURAUD continues to fall inside the short-term downward impulse wave 3 – which reversed earlier from the key resistance level 1.6540 (which has been repeatedly reversing the pair from June).

The resistance zone near the resistance level 1.6540 was strengthened by the upper daily Bollinger Band.

EURAUD is likely to fall further toward the next support level 1.6300 (former low of the previous minor impulse wave 1).