the EUR/AUD is in an uptrend channel but price action is approaching a key resistance trend line and Fibonacci targets. What’s next for the EUR/AUD?
German DAX 30 index managed to bounce at the key support support level (blue) and 50% Fibonacci retracement level of wave 4 vs 3, which is keeping the uptrend alive.
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The EUR/AUD wave pattern is suggesting that price will most likely make a bearish bounce at the resistance (red) and Fibonacci targets, which would complete a wave C (purple) of wave B (pink). The confirmation of a bearish reversal occurs when price breaks below the support trend line (blue) of the bullish channel.
The EUR/AUD is building impulsive price action on the 4 hour chart where price seems to be completing a 5 wave (green/blue) pattern. Price is completing a potential wave C (purple) once these 5 wave patterns are ready. At the moment price seems to breaking above a smaller resistance trend line (dotted red), which could spark a new 5 wave (green) pattern in the 5th wave (blue).
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