Daily Pivots: (S1) 1.7857; (P) 1.7895; (R1) 1.7968; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the upside, break of 1.7972 resistance should resume the whole rally from 1.7245 through 1.8094 to 61.8% projection of 1.7245 to 1.8094 from 1.7671 at 1.8196. On the downside, below 1.7671 will bring deeper fall back to 1.7459 support instead.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Such pattern could extend further with another falling leg. But even in that case, 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.
