EURAUD is still in the uptrend, as we see corrective structure within uptrend from technical point of view and by Elliott wave theory.
EURAUD pair is trading bullish for the last year and looks like it’s still pointing higher for wave 5 after a three-wave a-b-c corrective slow down in wave 4 nicely connected within channel range. With recent sharp and impulsive five-wave recovery away from the channel support line, seems like it’s getting ready for a new five-wave bullish cycle of the lower degree within that 5th wave. However, more upside can be seen after a lower degree three-wave (a)-(b)-(c) pullback in wave »ii« with ideal support support around 1.6255 level. As long as the price is above 1.5845 invalidation level, be aware of further rally towards 1.70 area.
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