EURAUD Wave Analysis 28 August 2024

– EURAUD falling inside impulse wave (1)

– Likely to reach support level 1.6260

EURAUD currency pair continues to fall inside the weekly downward impulse wave (1) which started earlier from the key resistance level 1.7000 (former yearly high from the middle of 2023).

The downward reversal from resistance level 1.7000 created the weekly Japanese candlestick reversal pattern, Shooting Star.

EURAUD currency pair can then be expected to fall to the next support level 1.6260 – the breakout of which can lead to further losses toward 1.60000.