Daily Pivots: (S1) 1.7659; (P) 1.7800; (R1) 1.7937; More…
Outlook in EUR/AUD is unchanged as consolidation continues below 1.8554 short term top. Downside of pull back should be contained by 38.2% retracement of 1.5963 to 1.8854 at 1.7750. On the upside, firm break of 1.8554 will resume larger up trend. However, firm break of 1.7750 will bring deeper fall to 55 D EMA (now at 1.7324).
In the bigger picture, up trend from 1.4281 (2022 low) is in progress, and in reacceleration phase as seen in W MACD. Next target is 100% projection of 1.4281 to 1.7062 from 1.5963 at 1.8744. Firm break there will pave the way to 138.2% projection at 1.9806, which is close to 1.9799 (2020 high). Outlook will remain bullish as long as 1.7417 resistance turned support holds even in case of deep pullback.
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