Daily Pivots: (S1) 1.7562; (P) 1.7621; (R1) 1.7654; More…
Intraday bias in EUR/AUD remains on the downside as this point. Current development suggests that rebound form 1.7477 has completed at 1.7804. Fall from 1.8160 is still in progress. Deeper decline would be seen to retest 1.7477 first. Break there will target 1.7245 support and below. Overall, corrective pattern from 1.8554 could extend further.
In the bigger picture, as long as 55 W EMA (now at 1.7468) holds, price actions from 1.8554 could still be a correction to rise from 1.5963 only. However, sustained break of the EMA will argue that it’s already correcting the whole up trend from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922.
