EUR/AUD appears to be completing a contracting triangle, with Wave E potentially forming near the upper boundary around 1.6500. The recent weakness suggests that the final corrective leg may still have room to develop. The key downside area is around 1.6030, which aligns with the 1.272 Fibonacci extension and could act as a potential reversal zone.
If price reaches this support area and shows a bullish reaction, the triangle correction could be considered complete, opening the door for a larger recovery. A move above 1.6500–1.6619 would provide stronger confirmation of the bullish scenario, while a sustained break above 1.6619 would invalidate the current corrective structure.
By BrightRally_Research on TradingView
If price reaches this support area and shows a bullish reaction, the triangle correction could be considered complete, opening the door for a larger recovery. A move above 1.6500–1.6619 would provide stronger confirmation of the bullish scenario, while a sustained break above 1.6619 would invalidate the current corrective structure.
By BrightRally_Research on TradingView
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