EUR/AUD: experiencing setback

Elliott Wave Analysis: EUR/AUD

The euro/Aussie dollar (EUR/AUD) currency pair dropped into an overnight session down to 1.4216 area which seems to be just another setback within ongoing bullish impulse. We labeled it as Wave 4) that is now pointing higher into Wave 5), close to a 1.4380 region.

EUR/AUD, 1-hour

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com.