EURAUD made a sharp and strong fall away from 1.5226 high, where we labeled end of red wave 5). As such current fall may be start of a bigger three wave correction, with wave A) already completed. Current slow price action can be the second red wave B) in the making, with price now specifically trading in sub-wave B. A bounce into wave C is expected to follow, with a Fibonacci resistance ratio of 50.0 or 61.8.
EURAUD, 1H
