Daily Pivots: (S1) 1.6584; (P) 1.6708; (R1) 1.6782; More…
Intraday bias in EUR/AUD remains on the downside for the moment. Current fall is part of the whole down trend from 1.8554 and should target 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351 next. For now, outlook will stay bearish as long as 1.7060 resistance holds, in case of recovery.
In the bigger picture, fall from 1.8554 medium term top is seen as reversing the whole up trend from 1.4281 (2022 low). Deeper decline should be seen to 61.8% retracement of 1.4281 to 1.8554 at 1.5913, which is slightly below 1.5963 structural support. For now, risk will stay on the downside as long as 1.7245 support turned resistance holds even in case of strong rebound.
