Technical analysis

EURAUD Wave Analysis – 9 July, 20211

• EURAUD reversed from resistance level 1.5935
• Likely to fall to support level 1.5735

EURAUD currency pair recently reversed down from the pivotal resistance level 1.5935 (previous multi-month high from January), intersecting with the upper daily Bollinger band.

The resistance zone near the resistance level 1.5935 was strengthened by the nearby 50% Fibonacci retracement of the extended downward impulse from October.

EURAUD can be expected to fall further toward the next support level 1.5735 (which has been reversing the price from May).

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