Daily Pivots: (S1) 1.6555; (P) 1.6604; (R1) 1.6685; More…
Intraday bias in EUR/AUD is turned neutral with current recovery. Corrective pattern from 1.6800 could extend further. But strong support could be seen from 38.2% retracement of 1.5963 to 1.6800 at 1.6480 to bring rebound. But near term risk will stay mildly on the downside as long as 1.6800 resistance holds, in case of extended recovery. Firm break of 1.6480 will bring deeper correction 61.8% retracement at 1.6283.
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 and deeper decline would be seen.
