Daily Pivots: (S1) 1.6882; (P) 1.6992; (R1) 1.7091; More…
Intraday bias in EUR/AUD is turned neutral first with current recovery. On the upside, firm break of 1.7232 resistance should confirm strong support from 100% projection of 1.8554 to 1.7245 from 1.8160 at 1.6851. Intraday bias will be back to the upside for 1.7466 support and above. However, decisive break of 1.6851 will likely bring downside acceleration to 138.2% projection at 1.6351 next.
In the bigger picture, fall from 1.8554 is seen as correction to up trend from 1.4281 (2022 low). Strong support should be seen from 38.2% retracement of 1.4281 to 1.8554 at 1.6922 to bring rebound. However, risk will stay on the downside as long as 55 D EMA (now at 1.7473) holds. Sustained break of 1.6922 will raise the chance of bearish trend reversal, and target 61.8% retracement at 1.5913.
