The EURAUD cross after the overnight trading session looks mostly bearish. In the 4-hour chart, the engulfing candle makes us foresee a new leg.
The EURAUD long-term overview suggests the construction of an upper degree consolidation structure. The potential expansive triangle, calls for the re-test os previous lows near to 1.59 area as a likely target. The invalidation bearish scenario occurs if the price closes above the last high at 1.625.
Remember that the price is not forced to move as our outlook proposes. The chart released corresponds to an educational application of the Elliott Wave theory. Comments issued don’t represent an investment recommendation. Leveraged products are complex financial instruments and are not recommended for a certain type of traders. Losses can exceed deposits.