Daily Pivots: (S1) 1.6265; (P) 1.6301; (R1) 1.6348; More…
Intraday bias in EUR/AUD is turned neutral with current recovery. Further fall is expected as long as 1.6423 resistance holds. Below 1.6246 will bring retest of 1.6125 low. Decisive break there will resume whole fall from 1.8554. However, considering bullish convergence condition in 4H MACD, firm break of 1.6423 will indicate short term bottoming, and turn bias back to the upside for 55 D EMA (now at 1.6560).
In the bigger picture, fall from 1.8554 (2025 high) is in progress and 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 (2022 low). For now, risk will stay on the downside as long as 55 W EMA (now at 1.7069) holds, even in case of strong rebound.
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