Sat, Jan 28, 2023 @ 15:47 GMT

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5392; (P) 1.5517; (R1) 1.5592; More

Intraday bias stays neutral in EUR/AUD first. While deeper fall cannot be ruled out, strong support could be seen from 38.2% retracement of 1.4281 to 1.5976 at 1.5329 to bring rebound. On the upside, above 1.5749 will resume the rise from 1.5376 for retesting 1.5976 high.

In the bigger picture, it’s still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.

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