Bears All Over EURAUD – Elliott wave analysis 

euraud analysis

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EURAUD made a firm drop, down from 1.98 high, which was set in March. We can see that price made a five-wave development, which is first evidence for a bearish trend being made. That said, a five-wave movement has also found a low in June, so recent recovery can belong to a correction within a trend (wave B/II).

We are observing an A, B, C move, which can face resistance at the 1.677/1.745 level, or if price makes a deeper correction at the Fib. ratio of 50.0 or 61.8 (1.79/1.83 level).

EURAUD, daily

euraud analysis

Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.


By Gregor Horvat

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