EURAUD Turning Bearish - Elliott wave analysis

EURAUD Turning Bearish – Elliott wave analysis

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

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Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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