Elliott Wave Analysis: EURAUD Aiming For 1.6200!

Gregor Horvat Wavetraders

Hello fellow traders!

As expected, EURAUD broke below channel support line and 1.6285 region, so seems like trend is bearish confirmed, and it can be unfolding a new five-wave bearish cycle towards 1.6200 level or maybe even lower. That said, be aware of something more complex as well, but as long as price is trading below 1.6350 invalidation level, we remain bearish.

EURAUD, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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