EURAUD recently reversed up from the powerful support area allocated between the multi-month support level 1.61500 (which has been reversing the pair from the middle of July) and the lower daily Bollinger Band. The upward reversal from the support level 1.61500 started the active short-term impulse wave 3. Given the strength of the support level 1.61500 and the bullish divergence on the daily Stochastic indicator – EURAUD is likely to rise further toward the next key resistance level 1.63430 (which has been reversing the pair from the start of November).