EURAUD recently reversed up from the support area lying between the key support level 1.60300 (former major support which stopped the strong downtrend in June) and the lower daily Bollinger Band. The upward reversal from this support area started the active short-term corrective wave (ii). Given the rising euro bullish sentiment and the strength of the aforementioned support area – EURAUD is expected to rise further toward the next resistance level 1.63450 (which has been repeatedly reversing the price from the start of November).