Daily Pivots: (S1) 1.6547; (P) 1.6631; (R1) 1.6696; More…
Breach of 1.6579 minor support suggests temporary topping at 1.6712 and intraday bias in EUR/AUD is turned neutral. Some consolidations would be seen first. On the upside, break of 1.6712 will resume the rally from 1.5693 to retest 1.7180 high next.
In the bigger picture, EUR/AUD is holding on to 1.5996 key support despite brief breach. Larger up trend from 1.4281 (2022 low) is still in favor to resume through 1.7180 at a later stage. Nevertheless, sustained break of 1.5995 will indicate that such up trend has completed. Deeper decline would be seen to 61.8% retracement of 1.4281 to 1.7180 at 1.5388, even as a correction.
