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Elliott Wave Analysis On German DAX And EURAUD

German DAX

As expected, technicals won again! German Dax is trading sharply lower following ECB press conference, about we warned you earlier based on a five wave rise from start of September. Market is now in a sharp drop so we think that weakness will stay in play for few more sessions as reversal from the top should be made by minimum three legs.

German DAX, 30Min

DAX 30-Minute Chart


EURAUD

EURAUD found some support again at 61.8% from where market bounce sharply to the upside, which can be start of an impulsive bullish trend. However, it's too soon for a trend change for now, as we need to see a daily close price first. Further strength towards 1.3750 or higher would be nice and strong evidence that lows are in. In that case we would consider entries on pullback.

EURAUD, 1H

EUR/USD 1-Hour Chart

 


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