Daily Pivots: (S1) 1.6054; (P) 1.6085; (R1) 1.6110; More…
Intraday bias in EUR/AUD remains on the downside for now, despite some loss of momentum as seen in 4H MACD. Current down trend should target 100% projection of 1.6679 to 1.6211 from 1.6418 at 1.5950. On the upside, above 1.6125 minor resistance will turn intraday bias neutral and bring consolidations again, before staging another decline.
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.
