• EUR/AUD reversed from support area
• Further gains are likely
EUR/AUD recently reversed up from the support area located between the support level 1.5600, lower daily Bollinger Band and the support trendline of the daily down channel from July.
The upward reversal from this support zone started the active impulse wave (3) – which recently broke through the aforementioned down channel.
Given the fact that the pair is currently trading inside 3 impulse waves (3, (3) and ③), EUR/AUD is expected to rise further and retest the next resistance level 1.5900 (top of wave (1)).