Daily Pivots: (S1) 1.7764; (P) 1.7856; (R1) 1.7987; More…
Intraday bias in EUR/AUD is turned neutral as rebound from 1.7569 lost momentum. Outlook is unchanged that fall from 1.8155 could have completed at 1.7569 already. Above 1.7943 will target 1.8155 resistance. Firm break there will argue that whole corrective pattern from 1.8554 has also completed and bring retest of this high. However, break of 1.7721 support will break deeper decline towards 1.7569 instead.
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.
