EURAUD is unfolding a five-wave move, down from the 1.979 level, and is currently unfolding a wave 5, which is part of a bigger wave A/1. We can see a previously completed complex move in wave 4, that found resistance at the 1.68 level where price started trading south. That said, we are still waiting for a break below the lower corrective channel line, which will confirm a completed wave 4, and a wave 5 of A/1 to be underway.
Wave 5 of A/1 can advance below the 1.60 region, before stopping for a low.
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