EURAUD completed a corrective pullback in the ABC manner at 1.520. From this C wave highs a sharp drop down occurred on EUR while the other pair AUDUSD seems to trade more stable or even higher in recent sessions. For now a nice 3 wave move down unfolded with wave 4 in view with resistance around 1.4658-1.4711 region. www.ew-forecast.com @ewforecast
While EURUAD appears to be moving sideways, it has actually been extremely bearish over the past few months and this can be seen in the image below: With that being said, we are looking to ride this downward moving momentum and take a short position on a break below and close below of the supporting trend-line marked in blue. As always, we would like to see...
EURUAD is still trading bullish, now ideally in red wave (iii), that could reach levels around 1.6300-1.634, where our fibo. ratios project end of red wave (iii). That said recent rally could push prices higher in sessions ahead. Invalidation level is at 1.55065, as long as this level holds, we are looking up. www.ew-forecast.com @ewforecast
BASED ON SOME SIMPLE RESISTANCE AND SUPPORT LINE ANALYSIS IT CAN BEE SEEN THAT EURUSD HAS THE POTENTIAL OF A HUGE DOWNWARDS MOVEMENT!