Forex Analysis: EURAUD

EURAUD reversed from support zone
Further gains are likely

EURAUD recently reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support area lying between the strong support level 1.6140 (former major resistance from March and April) and the upper trendline of the daily up channel from August.

The upward reversal from this support area started the active short-term impulse wave (v) – which belongs to the impulse wave 3 from August.

EURAUD is expected to rise further and retest the next resistance 1.6345 (top of the previous impulse wave (i)).

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