Daily Pivots: (S1) 1.6146; (P) 1.6210; (R1) 1.6245; More…
Intraday bias in EUR/AUD remains neutral at this point, and outlook stays bearish with 1.6418 resistance intact. On the downside, break of 1.6173 will resume the decline from 1.6742, as the third leg of the correction from 1.7062. Next target is 61.8% projection of 1.6679 to 1.6211 from 1.6418 at 1.6129.
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.
