Elliott Wave View: EURAUD Bullish Sequence Favors More Upside

Elliott Wave view in EURAUD shows that the decline to 1.5337 low ended wave b. Rally from there unfolded as a 5 waves impulsive Elliott Wave structure. Up from 1.5337 low, Wave (1) ended at 1.5886, wave (2) ended at 1.566, wave (3) ended at 1.6453, wave (4) ended at 1.6184, and wave (5) ended at 1.6794. The 5 waves move from 1.5337 low ended wave ((1)) of a higher degree.

Pair is currently in wave ((2)) pullback to correct the rally from 12.3.2018 low (1.5337). The correction is expected to unfold in 3, 7, or 11 swing and potential area is 1.568–1.6069 (50–76.4% Fibonacci Retracement). While the dips stay above 1.5337, pair should then resume higher again. The move to 1.5337 also broke the previous high at 10.11.2018 (1.6357), therefore creating a bullish sequence from 2.22.2017 low favoring further upside.

EURAUD 4 Hour Asia Elliott Wave Chart