Daily Pivots: (S1) 1.6448; (P) 1.6587; (R1) 1.6671; More…
Intraday bias in EUR/AUD remains on the downside at this point. Corrective rebound from 1.6319 could have completed at 1.6843 already. Deeper fall would be seen to retest 1.6319 support. On the upside, above 1.6588 minor resistance will turn intraday bias neutral first.
In the bigger picture, the strong support from medium term rising trend line indicates that rise from 1.4281 (2022 low) is still in progress. Sustained break of 1.7062 will pave the way to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. In any case, outlook will stay bullish as long as 1.6319 support holds. However, decisive break of 1.6319 will confirm medium term topping at 1.7062, and bring deeper fall to 1.5846 support.
