The EUR / AUD bullish eruption did not last long before the bears fought back. Will the uptrend be able to regain control, or will price measures develop a bigger turnaround?
Price overviews and technical analysis
EUR / AUD seems to have completed a wave 5 of wave A (purple) at the most recent high. This may indicate the end of the uptrend. The bearish correction is therefore likely to be a larger ABC (orange) pattern. The recent bullish bounce at the long-term moving averages probably ended wave A in that ABC.
Now the price is probably ready for a bullish bounce within the expected wave B (orange). A break over the resistance and 21 ema zone could confirm the push higher. A logical resistance spot is 38.2% Fibonacci retracement level. A bearish declining wedge triangle pattern could emerge in wave B before the price is expected to break south towards the -27.2% Fibonacci target.