Technical analysis

EURAUD Wave Analysis – 9 November, 2021

• EURAUD broke resistance level 1.5600

• Likely to rise to resistance level 1.5773                                                                  

EURAUD currency pair recently broke the resistance level 1.5600 (former monthly low from July), intersecting with the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of October.

The breakout of the resistance level 1.5600 accelerated the active intermediate impulse wave (C).

EURAUD currency pair can be expected to rise further toward the next resistance level 1.5773 (61.8% Fibonacci correction of the downward impulse from last month).

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