Daily Pivots: (S1) 1.6441; (P) 1.6600; (R1) 1.6710; More…
EUR/AUD’s pull back from 1.6800 extended lower today and intraday bias is now on the downside. Firm break of 38.2% retracement of 1.5963 to 1.6800 at 1.6480 will bring deeper fall to 61.8% retracement at 1.6283. For now, risk will stay mildly on the downside as long as 1.6800 resistance holds, in case of recovery.
In the bigger picture, EUR/AUD is holding on to 1.5996 key support despite brief breach. Larger up trend from 1.4281 (2022 low) is still in favor to resume through 1.7180 at a later stage. Nevertheless, sustained break of 1.5995 will indicate that such up trend has completed and deeper decline would be seen.
