Daily Pivots: (S1) 1.6190; (P) 1.6214; (R1) 1.6230; More…
Outlook in EUR/AUD remains unchanged and intraday bias stays neutral. Further decline is expected with 1.6359 resistance intact. On the downside, break 1.6161 will resume the fall from 1.6598 for retesting 1.5996/6002 key support zone. Nevertheless, break of 1.6359 will turn bias to the upside for stronger rebound towards 1.6598 resistance instead.
In the bigger picture, as long as 1.5996 support holds, up trend from 1.4281 (2022 low) is still expected to resume through 1.7180 at a later stage. However decisive break of 1.5996 will argue that the medium term trend might have reversed. Deeper fall would be seen to 61.8% retracement of 1.4281 (2022 low) to 1.7180 at 1.5388, even as a correction.
