The recent price movement for EURUSD and AUDUSD looks very similar, indicating that price movements are probably due to the USD. However, at larger timeframes the two currency pairs are very different.
1h Chart
I’ve not been sure of the EURUSD, and the waves unfolding has been challenging. So, I’ve decided to put a few wave counts into it. My preferred wave count is in white, alternate counts are in yellow and red. These are independent of each other.
In either case, I think there’s further downside in the short term, and I’m looking for shorting opportunities around 1.2610 level which happens to be the 50% retracement level of wave 3, and 1.381 extension of wave a.
