EURAUD Outlook
EUR/AUD Weekly Outlook
EUR/AUD's extended fall last week argues that rebound from 1.6108 has completed as a three wave corrective move to 1.6518. Initial bias is mildly on the downside this week for 1.6186 support first. Break will target retest of 1.6108 low. On the upside, above 1.6453 will turn bias back to the upside, and resume the rise from 1.6108 through 1.6516.
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.
In the longer term picture, fall from 1.8554 is seen as the third leg of the pattern from 1.9799 (2020 high), which is part of the pattern from 2.1127 (2008 high). Sustained trading below 55 M EMA (now at 1.6577) will confirm this bearish case, and pave the way back towards 1.4281.
EUR/AUD Daily Outlook
Extended fall in EUR/AUD suggests that rebound from 1.6108 has completed as a corrective three-wave move to 1.6516. Intraday bias is back on the downside for 1.6108/6186 support zone. On the upside, above 1.6453 will turn bias back to the upside, and resume the rise from 1.6108 through 1.6516.
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.
EUR/AUD Daily Outlook
EUR/AUD gyrated lower today but stays above 1.6334 minor support. Intraday bias stays neutral and further rise will remain in favor as long as 1.6334 minor support holds. Above 1.6516 will resume the rebound from 1.6108, and target 1.6842 resistance. However, firm break of 1.6334 will turn bias back to the downside for 1.6108/6186 support zone instead.
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.
