EURAUD Wave Analysis – 21 August, 2019

• EURAUD broke support area
• Further losses are likely

EURAUD recently broke the support area lying between the support level 1.6400 (former strong resistance from June) and the 38.2% Fibonacci correction of the previous upward impulse from July.

The breakout of this support area accelerated the active short-term ABC correction 2 from the start of August.

EURAUD is expected to fall further and retest the next support level 1.6200 (former resistance from July).