EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6217; (P) 1.6277; (R1) 1.6318; More

EUR/AUD is still bounded in range above 1.6211 and intraday bias stays neutral. On the downside, firm break of 1.6211 support will resume the whole decline from 1.6742, as the third leg of the correction from 1.7062. Further fall should be seen through 1.6127 support. On the upside, sustained break 1.6418 resistance will resume the rebound from 1.6211 instead.

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). In case of deeper fall, strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.7062 is in favor as a later stage.

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