EURAUD recently reversed up from the support area lying at the intersection of the strong support level 1.5900 (monthly low from July), upward-sloping support trendline from April and the lower daily Bollinger Band. The upward reversal from this support area created the strong daily Japanese candlesticks reversal pattern Hammer. The upward reversal from this support area started the active short-term impulse wave (iii) – which belongs to the impulse wave 3 of the medium-term upward impulse sequence (3) from April. With the moderate bearish sentiment affecting the Australian Dollar – EURAUD is likely to remain under bullish pressure today and retest the next resistance level 1.6165 (which reversed the price earlier this month).