EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6090; (P) 1.6125; (R1) 1.6161; More

Intraday bias in EUR/AUD stays neutral at this point. Consolidation from 1.6026 could extend further, but upside should be limited by 1.6211 support turned resistance to bring another fall. Below 1.6026 will turn bias back to the downside for 100% projection of 1.6679 to 1.6211 from 1.6418 at 1.5950.

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) only. Strong support is still expected between 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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