Daily Pivots: (S1) 1.7922; (P) 1.7962; (R1) 1.8006; More…
Intraday bias in EUR/AUD remains mildly on the upside at this point. Correction from 1.8094 should have completed with three waves down to 1.7671. Further rally should be seen to 1.8094 first. Break there will resume the rally from 1.7245 to 61.8% projection of 1.7245 to 1.8094 from 1.7671 at 1.8196. This will now remain the favored case as long as 1.7830 support holds.
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. Uptrend from 1.4281 is expected to resume at a later stage.
