Daily Pivots: (S1) 1.6410; (P) 1.6520; (R1) 1.6614; More…
Intraday bias in EUR/AUD is turned neutral first with current recovery. Considering bullish convergence condition in 4H MACD, firm break of 1.6691 resistance will indicate short term bottoming. Intraday bias will be back on the upside fro stronger rebound towards 55 D EMA (now at 1.7017). On the downside, firm break of 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351 will target 161.8% projection at 1.6042 next.
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.
. On the downside, firm break of 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351 will target 161.8% projection at 1.6042 next.){kind=link}