E EUR/AUD Can Find Support Near 1.56-1.57 Area - Elliott Wave Analysis

EUR/AUD made an impulsive five-wave rise from lows, which means that trend is bullish now! But, after every five waves, a three-wave correction follows. So, we are currently tracking a deeper corrective decline within a double zig-zag pattern, because we expect a bigger pullback. That said, we think that EUR/AUD may find support between 1.56-1.57 area, but have in mind that it may go even lower towards 61,8% Fibo. retracement! Once a corrective decline fully unfolds, then we may consider a bullish reversal!

EUR/AUD, 1h

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