Elliott Wave Analysis: EURAUD Aiming For 1.6200

Technical analysis of Forex market

As expected, EURAUD broke below channel support line and 1.6285 region, so seems like trend is bearish confirmed, and it can be unfolding a new five-wave bearish cycle towards 1.6200 level or maybe even lower. That said, be aware of something more complex as well, but as long as price is trading below 1.6350 invalidation level, we remain bearish.

EURAUD, 1h

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