EURAUD is making a higher degree wave (A)-(B)-(C) corrective rally after potentially completing the leading diagonal at 1.43 area in summer 2022. We are actually already tracking wave (C) with room up to August 2021 highs and 1.64 – 1.68 area to complete a five-wave cycle of the lower degree, possibly even with an ending diagonal (wedge) pattern. So, resistance may not be far away, especially if we consider RSI bearish divergence. But, to confirm resistance in place and bears back in the game, we need to see sharp or impulsive reversal down back below 1.5355 bearish confirmation level.
-(B)-(C) corrective rally after potentially completing the leading diagonal at 1.43 area in summer 2022. We are actually already tracking wave (C) with room up to August 2021 highs and 1.64 - 1.68 area to complete a five-wave cycle of the lower degree, possibly even with an ending diagonal (wedge) pattern. So, resistance may not be far away, especially if we consider RSI bearish divergence. But, to confirm resistance in place and bears back in the game, we need to see sharp or impulsive reversal down back below 1.5355 bearish confirmation level.){kind=link}