EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6083; (P) 1.6113; (R1) 1.6149; More

EUR/AUD’s down trend resumes by breaking through 1.6026 today and intraday bias is back on the downside. Next target is 100% projection of 1.6679 to 1.6211 from 1.6418 at 1.5950. Firm break there will target 1.5846 key support next. For now, risk will stay on the downside as long as 1.6159 resistance holds, in case of recovery.

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 at a later stage.

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