EUR/AUD Elliott Wave
Since our last analysis the EUR/AUD pair was trading in an upward move, corrective E wave (coloured blue) of the bigger wave (4) (coloured green) was developing. Yesterday, during the European session we could observe strong ascending movement from 1.2480 towards the 1.2539 level and we can consider this move as the end of the corrective (4) wave (coloured green).Therefore, during the early New York session this currency pair started pushing lower when developing of the final impulsive (5) wave (coloured green) started. At the moment the EUR/AUD pair is trading around 1.2483 level and we are expecting to see price around 1.2429 today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2429 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2509 level as stop loss.

Support and Resistance
(S3) 1.2437 (S2) 1.2461 (S1) 1.2475 (PP) 1.2498 (R1) 1.2522 (R2) 1.2536 (R3) 1.2559

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2475 with stop loss 1.2509 and take profit 1 at 1.2429  are recommended.