Daily Pivots: (S1) 1.5948; (P) 1.6041; (R1) 1.6117; More…
Intraday bias in EUR/AUD is turned neutral first with current recovery and some consolidations would be seen. Outlook will stay bearish as long as 1.6161 support turned resistance holds. On the downside, decisive break break of 1.5996 key support will carry larger bearish implications. Next near term target will be 100% projection of 1.6598 to 1.6161 from 1.6359 at 1.5922, and then 161.8% projection at 1.5652.
In the bigger picture, immediate focus is now on 1.5996 key support level. Sustained break there will argue that whole up trend from 1.4281 (2022 low) is already reversing. Deeper decline would be seen to 61.8% retracement of 1.4281 to 1.7180 at 1.5388, even as a correction. Nevertheless, strong rebound from current level, followed by break of 1.6359 resistance, will keep medium term outlook neutral at worst.
