Daily Pivots: (S1) 1.7634; (P) 1.7713; (R1) 1.7755; More…
Intraday bias in EUR/AUD stays on the downside at this point. Fall from 1.8155 is seen as the third leg of the corrective pattern from 1.8554. Deeper fall should be seen to 61.8% retracement of 1.7245 to 1.8155 at 1.7593. Break will target 1.7245 support. On the upside, above 1.7796 support turned resistance will turn intraday bias neutral first.
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.
