Daily Pivots: (S1) 1.7688; (P) 1.7748; (R1) 1.7789; More…
Intraday bias in EUR/AUD is turned neutral with current retreat. Further rise will remain in favor as long as 1.7635 support holds. Fall from 1.1806 might have completed with three waves down to 1.7477. Above 1.7804 will target 1.7976 resistance next. Nevertheless, break of 1.7635 will revive near term bearishness and target 1.7477 again.
In the bigger picture, as long as 55 W EMA (now at 1.7465) holds, price actions from 1.8554 could still be a correction to rise from 1.5963 only. However, sustained break of the EMA will argue that it’s already correcting the whole up trend 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.
