EUR/AUD made a sharp recovery from the end of December when price completed a big, bullish triangle correction. Price unfolded a five-wave recovery within a higher degree wave C, which looks to have found a top at the 1.9786 level. We are now tracking a bearish reversal, in a five-wave manner, with wave 3 underway, which can be targeting the 1.58/1.55 zone. That said, be aware of temporary pullbacks within wave 3.
EUR/AUD, daily
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