Daily Pivots: (S1) 1.6731; (P) 1.6762; (R1) 1.6807; More…
Intraday bias in EUR/AUD stays on the upside for retesting 1.7062 resistance. Decisive break there will confirm larger up trend resumption. Next target is 100% projection of 1.5846 to 1.7062 from 1.6319 at 1.7353. On the downside, break of 1.6550 support is needed to indicate completion of the rebound. Otherwise, near term outlook will stay mildly bullish even in case of retreat.
In the bigger picture, the strong support from medium term rising trend line indicates that rise from 1.4281 (2022 low) is still in progress. Sustained break of 1.7062 will pave the way to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. In any case, outlook will stay bullish as long as 1.6319 support holds.
