Daily Pivots: (S1) 1.7209; (P) 1.7331; (R1) 1.7409; More…
Intraday bias in EUR/AUD remains on the downside, as fall from 1.8554 is in progress. Next target is 61.8% retracement of 1.5963 to 1.8554 at 1.6953. On the upside, break of 1.7628 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside in case of recovery.
In the bigger picture, as long as 1.7062 resistance turned support (2023 high) holds, up trend from up trend from 1.4281 (2022 low) should still be in progress. However, sustained break of 1.7062 will confirm medium term topping and bring deeper fall back to 1.5963 support.
