Daily Pivots: (S1) 1.6412; (P) 1.6442; (R1) 1.6492; More…
EUR/AUD recovered after dipping to 1.6391 and intraday bias is turned neutral first. Risk will stay on the downside for the moment. Below 1.6391 will extend the corrective fall from 1.6800 to 61.8% retracement of 1.5963 to 1.6800 at 1.6283. Nevertheless, firm break of 1.6497 minor resistance will dampen this bearish case and turn bias to the upside for rebound.
In the bigger picture, with 1.5996 key support (2024 low) intact, 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 1.5996 will indicate that such up trend has completed and deeper decline would be seen.
