On FX:EURAUD, there is no clear trend direction. It is hard to say 1H bars, who is control the trend, Bears or Bulls? There were short uptrend, but today's strong downward broke previous structure.
However, these set-up gives an opportunities for harmonic patterns. The 'small' Cypher Pattern appears, which can be sign to go long. Bulls have been controlling the price for few hours, but correction is expected soon, because Bulls (Sellers) need to get their profits and liquidate their positions. That means, they have to buy back. There is a high probability that the price will do its retracement at 1.5506 or near. Cypher gives a similar signal.
In addition, the potential Gartley Pattern gives an opportunity to go long. That strong downward to validate Gartley is not expected today, but I draw it for traders to keep in mind. -----------------------------------------------------------------------------------------------------------------------------------------------------------
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