With the RSI bouncing off the bottom trendline I believe C of the bullish triangle is complete. If D is underway then I would be targeting the 1.5500 area while 1.41275 holds. After D is complete then we should see an E wave down to complete the triangle followed by a C wave up. C wave target is 1.8500.
An RSI break above the falling wedge and 50 RSI would help confirm my thoughts.
An RSI break above the falling wedge and 50 RSI would help confirm my thoughts.
Comment:
EURAUD bounced nicely off the 50% retrace and could be working on a C or 3rd wave up of the D lags. The current divergence on the RSI concerns me but we will see what happens.
