EURAUD Wave Analysis 7 November 2024

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- EURAUD under bearish pressure
- Likely to fall to support level 1.6125

EURAUD currency pair under bearish pressure after the earlier breakout of the support trendline of the daily up channel from the start of October.

The breakout of this up channel accelerated the active minor impulse wave 1 of the higher order impulse sequence (1) from the end of last month.

Given the strongly bullish Australian dollar sentiment seen across the FX markets today, EURAUD currency pair can be expected to fall to the next support level 1.6125 (which stopped the previous intermediate ABC correction (B) in the middle of October).