EURAUD recently reversed up from the key support area lying between the long-term support level 1.60300 (which has been reversing the price from the start of June – having stopped the sharp downtrend in the middle of this year) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous impulse waves (iii) and 3. Given the rising bullish euro sentiment seen across the FX markets today and the still oversold reading on the daily Stochastic indicator – EURAUD is expected to rise further toward the next resistance level 1.62500 (top of the previous minor correction (ii) from last week).