Daily Pivots: (S1) 1.8036; (P) 1.8094; (R1) 1.8166; More…
Intraday bias in EUR/AUD remains on the upside as rise from 1.7245 extends. Firm break of 61.8% projection of 1.7245 to 1.8094 from 1.7671 at 1.8196 will pave the way to 100% projection at 1.8520, which is close to 1.8554 high. On the downside, below 1.8058 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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.
