Hello traders,
EURAUD made a firm drop, down from 1.98 high, which was set in March. We can see that price made a five-wave development, which is first evidence for a bearish trend being made. That said, a five-wave movement has also found a low in June, so recent recovery can belong to a correction within a trend (wave B/II).
We are observing an A, B, C move, which can face resistance at the 1.677/1.745 level, or if price makes a deeper correction at the Fib. ratio of 50.0 or 61.8 (1.79/1.83 level).
Trade well,
the EW-forecast team
EURAUD made a firm drop, down from 1.98 high, which was set in March. We can see that price made a five-wave development, which is first evidence for a bearish trend being made. That said, a five-wave movement has also found a low in June, so recent recovery can belong to a correction within a trend (wave B/II).
We are observing an A, B, C move, which can face resistance at the 1.677/1.745 level, or if price makes a deeper correction at the Fib. ratio of 50.0 or 61.8 (1.79/1.83 level).
Trade well,
the EW-forecast team
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Join the community and get access to our analysis >> @ wavetraders.com/
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.