Daily Pivots: (S1) 1.7612; (P) 1.7667; (R1) 1.7703; More…
Intraday bias in EUR/AUD remains neutral at this point. On the downside, sustained break of 61.8% retracement of 1.7245 to 1.8155 at 1.7593 will bring deeper fall to 1.7245 resistance, as part of the corrective pattern from 1.8554 high. On the upside, above 1.7734 will bring stronger rebound back to 1.7929 resistance.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Deeper fall could be seen as the pattern extends, but 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.
