Mon, Jun 05, 2023 @ 06:02 GMT

EURAUD Wave Analysis

  • EURAUD reversed from resistance level 1.6235
  • Likely to fall to support level 1.5880

EURAUD recently reversed down from the major resistance level 1.6235 (which has been reversing the price from the middle of 2021, as can be seen below)

The resistance level 1.6235 was strengthened by the upper weekly and the daily Bollinger Band.

Given the overbought weekly Stochastic indicator, EURAUD can then be expected to fall toward the next support level 1.5880 (former resistance from the end of 2022).

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading