Now EurAud is saying something!
This pair, in the recent months, has been moving southward with beautiful wavy patterns. I don't think it is ready to stop doing that despite the recent upward push.
Going by my wave count, wave 4 has completed and a move to the region of 1.4560 suggests that wave 5 is ruling. With the recent up-push, it appeared that wave 5 could be through. But a proper look suggests that wave 5 has not reached its minimum projection level.
Presently, we see this pair resting on a very strong resistance ( with the convergence of 4 parameters) after an ABC-61.8% harmonic reversal pattern successfully formed ( at least potentially) on H4. This suggest that wave 5 has not completed yet and a strong move is now expected downward to 1.4560 and 1.4140 ( for the stretched term).
I am expecting a candlestick bearish pattern on H4 and some other parameters to align and then sell this pair expecting large move.
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