• EURAUD reversed from support area
• Likely to rise to resistance level 1.5830
EURAUD currency pair recently reversed up from the support area lying between the support level 1.5675 (former resistance level, which has been reversing the pair from February) and the lower daily Bollinger Band.
This support area was further strengthened by the 38.2% Fibonacci correction of the upward impulse C from the start of May.
EURAUD currency pair can then be expected to rise further toward the next resistance level 1.5830 (top of the previous ABC correction (2)).