EURAUD: Broken Channel Suggest More Upside


After recently completing a correction in wave B) or 2) at 1.46622 area, with three visible sub-waves A-B and C, we now believe that price can ideally continue higher into a new bullish cycle. As we see on the chart, price broke above upper corrective channel line, which in our case indicates that more upside can follow, possibly towards 1.516 area in wave 3. That said wave 1 seems to be completed, and now a correction can take place in wave 2, before stronger prices can follow.

Invalidation level is at 1.46622, as long as it hold, we are looking bullish.

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.