Daily Pivots: (S1) 1.6176; (P) 1.6228; (R1) 1.6319; More…
A temporary low is in place at 1.6125 with current recovery, and intraday bias is turned neutral in EUR/AUD first. Still, outlook will remain bearish as long as 1.6594 resistance holds. On the downside, firm break of 161.8% projection of 1.8554 to 1.7245 from 1.8160 at 1.6042 will pave the way to 200% projection at 1.5542.
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. Decisive break there will pave the way back to 1.4281. For now, risk will stay on the downside as long as 55 D EMA (now at 1.6884) holds, even in case of strong rebound.
