EURAUD falling inside short-term corrective wave (ii)

• EURAUD falling inside short-term corrective wave (ii)
• Further losses are likely

EURAUD continues to fall inside the short-term corrective wave (ii), which started earlier from the powerful resistance area lying between the strong resistance level 1.6340 (top of the Evening Star from September), upper daily Bollinger Band.

The price today broke below the support level 1.6150 (which reversed the price earlier this month) – which accelerated the downward movement.

EURAUD is expected to fall further and re-test the next strong support level 1.6000 (low of the previous short-term ABC correction 2).