EURAUD under the bearish pressure after the price reversed down from the strong resistance area lying between the key resistance level 1.58620 (which has been reversing the price from the end of January) and the upper daily Bollinger Band. The downward reversal from this resistance area continues the active short-term impulse waves (iii) and 3. Given the strength of the aforementioned resistance area – EURAUD can be expected to fall further toward the next support level 1.56750 (low of the previous impulse wave 1).
