Categories: Technical analysis

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).

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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