Daily Pivots: (S1) 1.6710; (P) 1.6767; (R1) 1.6815; More…
Intraday bias in EUR/AUD remains neutral and more consolidations could be seen above 1.6620. Outlook will remain bearish as long as 1.7060 resistance holds. On the downside, break of 16620 will resume larger down trend from 1.8554 to 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351 next. However, firm break of 1.7060 will indicate short term bottoming, and bring stronger rebound.
In the bigger picture, fall from 1.8554 medium term top is seen as reversing the whole up trend from 1.4281 (2022 low). Deeper decline should be seen to 61.8% retracement of 1.4281 to 1.8554 at 1.5913, which is slightly below 1.5963 structural support. For now, risk will stay on the downside as long as 1.7245 support turned resistance holds, even in case of strong rebound.
