Daily Pivots: (S1) 1.7896; (P) 1.7938; (R1) 1.7979; More…
Intraday bias in EUR/AUD remains neutral and further rise is mildly in favor as long as 1.7872 support holds. Above 1.8094 will resume the rebound from 1.7245. However, firm break of 1.7872 will argue that this rebound has completed with three waves up t to 1.8094. Intraday bias will then be back on the downside for 1.7459/7705 support zone instead.
In the bigger picture, price actions from 1.8554 medium term are seen as a corrective pattern. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is expected to resume at a later stage.
