EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6382; (P) 1.6449; (R1) 1.6548; More

Intraday bias in EUR/AUD remains neutral at this point as consolidations from 1.6267 is extending. Outlook stays bearish as long as 1.6844 resistance holds. On the downside, break of 1.6267 will resume larger decline from 1.7062 to 100% projection of 1.7062 to 1.6319 from 1.6844 at 1.6106 next.

In the bigger picture, the break of medium term trend line support now suggests fall from 1.7062 correcting the whole up trend from 1.4281 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Strong support could be seen there to bring rebound on first attempt. But risk will stay on the downside as long as 1.6844 resistance holds. Sustained break of 1.6000 would bring further fall to 61.8% retracement at 1.5343.

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