EURAUD Chart Technical Outlook Expect mixed and volatile trading
There are two timeframes, with conflicting outlooks:
- the weekly chart highlights a Bat formation completing close to 1.4610. Although this offers a mildly bearish bias, to confirm we are within the CD leg, the price needs to break through the January low of 1.6129.
- on a shorter time frame, we are between support at 1.6293 and resistance at 1.6416. A bullish outside candle on the 8-hour chart suggests further buying pressure.
Conclusion: the immediate bias is mildly bullish with 1.6416 in focus. I would then look for the possible completion of a cypher pattern to highlight the next directive move.
