EURAUD Remains Bearish

FX:EURAUD   Euro / Australian Dollar
Hello traders!

EURAUD is in sharp and impulsive decline since March 2020 highs, which we think it's a weekly top formation, so we can expect more weakness in coming years, but we have to be aware of pullbacks that can ideally occur around strong weekly channel support line connected from 2012 lows.

Even if we take a look at the daily chart , we can see an unfinished five-wave cycle, so it can push the price even lower within wave (5) that can stop anywhere in the 1.55 - 1.50 target area.

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Comment: EURAUD is back to lows for wave 5) as expected, so watch out for bounce, recovery potential bottom formation. However, there's still room for a slightly lower levels, so bottom is not in place until it's confirmed with strong and impulsive rise back above channel resistance line and 1.58 level.

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