Daily Pivots: (S1) 1.6511; (P) 1.6573; (R1) 1.6625; More…
Intraday bias in EUR/AUD remains mildly on the upside for the moment. Corrective pattern from 16800 could have completed with three waves to 1.6391 already Further rally would be seen to retest 1.6800 first. Decisive break there will resume whole rally from 1.5963 to 61.8% projection of 1.5693 to 1.6800 from 1.6391 at 1.6908. For now, risk will stay on the upside as long as 1.6391 support holds, in case of retreat.
In the bigger picture, with 1.5996 key support (2024 low) intact, 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 1.5996 will indicate that such up trend has completed and deeper decline would be seen.
