EURAUD currency pair can be expected to rise to the next resistance level 1.6600 (target price for the completion of the active short-term impulse wave 1).
- EURAUD broke resistance zone
- Likely to rise to resistance level 1.6600
EURAUD currency pair recently broke the resistance zone between the pivotal resistance level 1.6385 (which has been reversing the price from April, as can be seen from the daily EURAUD chart below), and the 38.2% Fibonacci correction of the downward impulse 5 from the end of March. The breakout of this resistance zone accelerated the active short-term impulse wave 1 – which belongs to the intermediate impulse wave (1) from the middle of May.
Given the strongly bullish euro sentiment seen across the FX markets today, EURAUD currency pair can be expected to rise to the next resistance level 1.6600 (target price for the completion of the active short-term impulse wave 1).