Elliott Wave Analysis: EURAUD UPDATE
Hello traders!
Today we want to update our previous article from February 3rd for EURAUD, which is moving nicely as expected.
As you can see, after reaching projected target for wave (5), we can now see a minimum three-wave (A)-(B)-(C) recovery, because we know that in Elliott Wave theory, after every five waves, a minimum three-wave pullback follows.
We are currently tracking wave (C) which can send the price at least and even up to 1.58 - 1.59 resistance area.
Later then we will see; in case if we get strong decline from projected resistance, then we can expect a bearish continuation, but any stronger rise up to 1.60 - 1.62 area would be an indication for a much bigger, a higher degree corrective recovery.
Today we want to update our previous article from February 3rd for EURAUD, which is moving nicely as expected.
As you can see, after reaching projected target for wave (5), we can now see a minimum three-wave (A)-(B)-(C) recovery, because we know that in Elliott Wave theory, after every five waves, a minimum three-wave pullback follows.
We are currently tracking wave (C) which can send the price at least and even up to 1.58 - 1.59 resistance area.
Later then we will see; in case if we get strong decline from projected resistance, then we can expect a bearish continuation, but any stronger rise up to 1.60 - 1.62 area would be an indication for a much bigger, a higher degree corrective recovery.
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