Thu, Feb 02, 2023 @ 17:38 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5426; (P) 1.5530; (R1) 1.5616; More

Intraday bias in EUR/AUD remains neutral as corrective pattern from 1.5747 is extending. As long as 1.5271 support holds, further rally is expected. On the upside, firm break of 1.5747 will resume larger rally from 1.4281. Next target is 61.8% projection of 1.4281 to 1.5704 from 1.5271 at 1.6150.

In the bigger picture, as long as 1.5271 support holds, rise from 1.4281 medium term bottom is expected to continue to 1.6434 key resistance next. However, firm break of 1.5271 will argue that such rebound has completed, and keep medium term outlook neutral at best. But in this case, more range trading should be seen above 1.4281 low first.

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