EURAUD is extremely overlapping for the last two months, so we see market in a corrective phase. We are tracking wave B that can be a very complex double-three pattern maybe already finished at recent swing low. However, a daily close above wave B) swing high is needed to confirm a continuation higher.
EURAUD 4h Elliott Wave Analysis
German DAX is also keeps trading higher, forming an extended wave three of three that is moving towards 10000 psychological level. In that region we see 161.8% extension of a black wave 1 measured from a wave 2 low which is very typical projected Fibonacci level for third waves, so we would not be surprised if bullish run will slow down around 10K, but only for a short-term corrective retracement into wave 4.
DAX (Dec 2014) 4h Elliott Wave Analysis
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