EUR/AUD Eyeing Mid-Term Correction

EUR/AUD is falling sharply since March when pair found a top at 1.98 level from where we see an impulsive price movement. We labeled a five-wave drop, which looks to have found a low at the 1.603 level. Ideally, price is now in a corrective recovery, as we see the market already breaking the upper Elliott wave channel line. That said, be aware of a further corrective rally towards the 1.678/1.72 possible resistance region.

EUR/AUD, daily