Daily Pivots: (S1) 1.8041; (P) 1.8099; (R1) 1.8136; More…
Intraday bias in EUR/AUD is turned neutral first with current retreat. Further rally is expected as long as 1.7942 support holds. Above 18155 will target 61.8% projection of 1.7245 to 1.8094 from 1.7671 at 1.8196. Sustained break there will extend the rally from 1.7245 to 100% projection at 1.8520, which is close to 1.8554 high. However, break of 1.7942 will bring deeper fall back to 1.7671 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. Uptrend from 1.4281 is expected to resume at a later stage.
