Daily Pivots: (S1) 1.6588; (P) 1.6672; (R1) 1.6716; More…
Range trading continues in EUR/AUD above 1.6620 and intraday bias remains neutral. Further decline is expected with 1.6830 resistance intact. On the downside, decisive break of 1.6620 will resume the larger decline from 1.8554 to 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351 next. However, firm break of 1.6830 resistance 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.
