Daily Pivots: (S1) 1.7027; (P) 1.7097; (R1) 1.7144; More…
Intraday bias in EUR/AUD remains mildly on the downside as correction from 1.7417 is extending lower. But downside should be contained by 1.6990 support to bring rebound. On the upside, above 1.7270 will bring retest of 1.7417 first. Break there will resume whole rise from 1.6335.
In the bigger picture, the breach of 1.7180 key resistance (2024 high) suggests that up trend from 1.4281 (2022 low) is resuming. Sustained trading above 1.7180 will confirm and target 61.8% projection of 1.4281 to 1.7062 from 1.5963 at 1.7682, which is also close to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. For now, this will remain the favored case as long as 1.6800 resistance turned support holds, even in case of deep pullback.
