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Elliott Wave Analysis: EURAUD In A Possible New Reversal Higher

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EURAUD bounced sharply from the the Fibonacci support area of 38.2. Price is now trading close to the upper corrective channel line in the impulsive wave 1 to the upside. We will wait for an ideal break above the upper channel line, which can indicate more gains in sessions to come. A possible long trade on this pair could be made, but after we see wave 1 and corrective wave 2 formed.

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