• EURAUD reversed from support zone
• Likely to rise further
EURAUD recently reversed up from the support zone lying between the pivotal support level 1.5690 (which also stopped the (a)-wave of the previous ABC correction 2), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse 1.
The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
EURAUD is likely to rise further and re-test the next resistance level 1.5880 (top of the previous waves 1 and (b)).