EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6403; (P) 1.6442; (R1) 1.6505; More

Intraday bias in EUR/AUD remains neutral for the moment. Risk will stay on the downside as long as 1.6516 resistance holds. On the downside, below 1.6368 will resume the fall from 1.6742 towards 1.6127 low. Nevertheless, break of 1.6516 will turn bias back to the upside for stronger rebound.

In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low). The correction is probably still in progress with fall from 1.6742 as the third leg. Strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.

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