Daily Pivots: (S1) 1.6257; (P) 1.6382; (R1) 1.6483; More…
Intraday bias in EUR/AUD is turned neutral at it recovered after hitting near term channel support. Overall further rally is expected as long as 1.6219 support holds. Break of 1.6785 will resume larger up trend to 100% projection of 1.4281 to 1.5976 from 1.5254 at 1.6949. However, firm break of 1.6219 will argue that larger correction is on the way.
In the bigger picture, the solid break of 1.6434 resistance argues that whole down trend from 1.9799 (2020 high) has completed at 1.4281 (2022 low). Further rise should be seen to 61.8% retracement of 1.9799 to 1.4281 at 1.7691 next. For now, outlook will stay bullish as long as 1.5976 resistance turned support holds, even in case of deep pull back.
