Daily Pivots: (S1) 1.7584; (P) 1.7641; (R1) 1.7685; More…
Intraday bias in EUR/AUD remains neutral first. On the downside, firm break of 1.7569 support will solidify the case that corrective pattern from 1.8554 is already in the third leg. Deeper fall should then be seen to 1.7254 support next. For now, risk will remain on the downside as long as 1.7813 minor resistance holds.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Sustained break of 55 W EMA (now at 1.7406) will suggest that it’s correcting the whole rally from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922. Nevertheless, strong rebound form 55 W EMA will likely bring resumption of the up trend sooner.
