EUR/AUD looks to continue strong upside

August 29, 2016 11:47 AM
Elliott Wave Analysis: EUR/AUD

Euro/Aussie dollar (EUR/AUD) currency pair has a very interesting wave pattern for a short-term direction. We have seen a nice and deep pullback to 1.4690 region with three waves, which looks like a correction, especially because of overlaps. Notice that reaction after that was very strong to the upside. It looks like an impulse that will take price even higher this week; above 1.4890 high. As such, current retrace can be temporary wave 2 that may seek for a support around 1.4780-1.4800 area.

EUR/AUD, 1-hour

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: