E EUR/AUD Ending A Correction; A Bearish Reversal In View

EUR/AUD is trading nicely higher, ideally unfolding sub-wave c) as part of a higher degree wave b/ii with possible resistance and reversal zone at the 1.600/1.605 area. We can see that wave c) may be trading in final stages, as five legs higher from current lows can be ending. That being said, resistance can also be seen around the 1.600/1.604 area, where former swing high, and the Fibonacci ratio of 61.8 awaits.

A drop in impulsive fashion, and towards the 1.595 level would confirm a completed correction, and wave c/iii in progress.

EUR/AUD, 1h

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.