Daily Pivots: (S1) 1.7102; (P) 1.7154; (R1) 1.7209; More…
Intraday bias in EUR/AUD remains on the downside for the moment. Current fall is seen as the third leg of the pattern from 1.8554. Deeper decline should continue to 100% projection of 1.8554 to 1.7245 from 1.8160 at 1.6851. On the upside, above 1.7211 support turned resistance will turn intraday bias neutral first, and bring consolidations, before staging another decline.
In the bigger picture, the break of 55 W EMA (now at 1.7464) argues that fall from 1.8554 medium term top is correcting whole up trend from 1.4281 (2022 low). Deeper decline is in favor to 38.2% retracement of 1.4281 to 1.8554 at 1.6922, and possibly below. Risk will stay on the downside as long as 55 D EMA (now at 1.7537) holds, in case of strong rebound.
