? EUR/AUD Expected to Continue Downtrend after 38.2% Fib Bounce ?

2 min read

Hi traders,

The EUR/AUD made a pullback to the 38.2% Fibonacci level of wave 4 (green), which proved to be a reversal spot for a downtrend continuation. Price is now in a downtrend channel.

EUR/AUD

4 hour


The EUR/ AUD is now in a potential wave 3 (orange) and could move lower towards the Fibonacci targets. A bullish bounce could indicate a retracement within wave 4 (orange) as long as price does not break above the bearish channel.

Daily


The EUR/AUD is testing a key support trend line (green) but the bearish momentum is strong, which is why a bearish breakout as part of a wave 5 (green) is the most likely scenario at the moment.

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Good trading,
Chris Svorcik
Elite CurrenSea

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