Daily Pivots: (S1) 1.7902; (P) 1.7942; (R1) 1.7967; More…
Intraday bias in EUR/AUD remains on the downside at this point. Fall from 1.8155 short term top should target. r 38.2% retracement of 1.7245 to 1.8155 at 1.7807. That is close to channel support (now at 1.7816), and 55 D EMA (now at 1.7841). Sustained break of this cluster support zone should confirm that whole rise from 1.7245 has completed. Corrective pattern from 1.8554 should then be in its third leg. In this case, bring deeper fall to 61.8% retracement at 1.7593. On the upside, above 1.7979 minor resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Such pattern could extend further with another falling leg. But even in that case, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Uptrend from 1.4281 is expected to resume at a later stage.
, and 55 D EMA (now at 1.7841). Sustained break of this cluster support zone should confirm that whole rise from 1.7245 has completed. Corrective pattern from 1.8554 should then be in its third leg. In this case, bring deeper fall to 61.8% retracement at 1.7593. On the upside, above 1.7979 minor resistance will turn intraday bias neutral first.){kind=link}