Hi traders,

The EUR/AUD is in a strong downtrend, which seems to be building a wave 3 (green). A wave 4 pullback could occur at any moment.

EUR/AUD

4 hour

The EUR/ AUD retracement would most likely bounce at a shallow Fibonacci levels of wave 4 vs 3. These Fib levels could create a bearish bounce and reversal for more downside.

Daily

The EUR/AUD is probably building a 5 wave pattern (green) as part of a larger bearish wave 1 (blue) or wave A (purple). The wave 4 (green) pattern becomes less likely if price manages to break above the 50% Fib of wave 4 vs 3.

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Good trading,
Chris Svorcik
Elite CurrenSea

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