Then we have EURUSD which is in third leg of decline, so support may not be far away. Euro may also find some buyers if we consider that bund may see a top soon, so reversal lower may support the euro in generally. If that's going to be the case then EURAUD may see more upside into 1.6150 resistance.
EURUSD can be unfolding a triangle correction of a higher degree, with leg D of B) in play. In such case more weakness in a three-wave manner may show up on the pair, down from 1.1514 level labelled as leg D and can look for support around the Fibonacci ratio of 61.8. That said, a triangle is a sideways price activity which unfolds prior to the final leg within a trend, so once wave B) fully develops, that is when final wave C) may follow.
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