Daily Pivots: (S1) 1.7963; (P) 1.8030; (R1) 1.8109; More…
Intraday bias in EUR/AUD is turned neutral again with current retreat. Further rally is expected as long as 1.7872 support holds. Above 1.8094 will target 161.8% projection of 1.7245 to 1.7705 from 1.7459 at 1.8203. Firm break there will target 1.8554 resistance. However, sustained trading below 1.7872 will turn bias back to the downside for 1.7459/7705 support zone instead.
In the bigger picture, price actions from 1.8554 medium term are seen as a corrective pattern. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is expected to resume at a later stage.
