Focus is now on 1.6306 support as EUR/AUD’s fall from 1.6617 accelerates lower. Firm break there will indicate that rebound from 1.6108 has completed. Deeper decline should the be seen to retest this low. On the upside, break of 1.6506 will turn bias back to the upside for 1.6617.
In the bigger picture, outlook will stay bearish as long as 1.6842 resistance holds. Fall from 1.8554 (2025 high) is expected to continue to 61.8% retracement of 1.4281 to 1.8554 at 1.5913. Decisive break there will pave the way back to 1.4281 (2022 low). However, firm break of 1.6842 should confirm medium term bottoming, and bring stronger rally.
