Market Snapshots

EURAUD Wave Analysis – 11 September, 2019

EURAUD Wave Analysis – 11 September, 2019
  • EURAUD broke support zone
  • Further losses are likely

EURAUD recently broke through the support zone lying between the support level 1.6100 (which reversed the price at the start of August) and the 61.8% Fibonacci correction of the previous upward impulse from April.

The breakout of this support zone accelerated the active short-term impulse wave (c) – which belongs to the short-term ABC correction (ii) from August.

EURAUD is expected to fall further and retest the next support levels 1.6000 – followed by 1.5900 (monthly low from July and the target for the completion of wave (ii)).

 

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