Daily Pivots: (S1) 1.6641; (P) 1.6696; (R1) 1.6736; More…
Intraday bias in EUR/AUD is back on the downside with break of 1.6620 support. Fall from 1.8554 is resuming and should target 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351 next. Near term outlook will remain bearish as long as 1.6830 resistance holds, in case of recovery.
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.
