Sun, Nov 27, 2022 @ 14:51 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4844; (P) 1.4924; (R1) 1.5005; More

Intraday bias in EUR/AUD stays mildly on the upside for the moment. Current rebound form 1.4281 should target 61.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5139 and then 100% projection at 1.5400. On the downside, break of 1.4716 support is needed to indicate completion of the rebound. Otherwise, further rise will remain in favor in case of retreat.

In the bigger picture, down trend from 1.9799 is still in progress. Break of 1.4318 low will target 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). This will remain the favored case now as long as 1.5396 resistance holds.

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