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EURAUD has completed a bigger, complex move which was unfolding since 2012. We see a completed seven-swing correction at 1.98 high, which can now be followed by a minimum, three-wave bearish reversal.  

First evidence that a big, complex move is completed is a sharp decline, which can be labeled as a wave A/1.

On the daily chart of EURAUD, we see a possibly finished wave A/1 at 1.602 level, meaning a three-wave corrective recovery as B/2 may show up in weeks to follow. Resistance for correction can be at 1.678/1.746 level or higher.

EURAUD, daily

Trade well!