Technical analysis

EURAUD Wave Analysis – 8 December, 2022

EURAUD Wave Analysis – 8 December, 2022

• EURAUD reversed from resistance level 1.5665

• Likely to fall to support level 1.5440

EURAUD recently reversed down from the key resistance level 1.5665 (which is the top border of the sideways price range inside which the pair has been moving from October), standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 1.5665 created the daily candlesticks reversal pattern Shooting Star – which stopped the earlier impulse wave (C).

EURAUD can be expected to fall further toward the next support level 1.5440 (cater of this sideways price range).

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