Elliott wave Analysis: EURUSD and EURAUD at Support; A Rally in View

Gregor Horvat Wavetraders

Good morning traders!
Some of XXXUSD pairs came down aggressively this morning, but I have said many times that strong early session flows are normally reversed later, so don’t be surprised if euro will rally. In fact, EURUSD pair hits very interesting support area around 1.1520 back from Sep 10 which can be a zone of a new turning point, especially as we can count five waves down so at least a three wave rally may occur. Next interesting support is around 1.1500.

EURUSD, 1h

Now when EURUSD may trade at support, it can be time to look at EURAUD again. Pattern can still send prices higher with this three legs down into 1.600 area, but we need 1.6200 for a turn.

EURAUD, 4h

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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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