Daily Pivots: (S1) 1.6651; (P) 1.6706; (R1) 1.6796; More…
Intraday bias in EUR/AUD stays on the upside at this point. Rebound from 1.6125 short term bottom is still in progress. Sustained break of 55 D EMA (now at 0.6756) will pave the way to 38.2% retracement of 1.8554 to 1.6125 at 1.7053. On the downside, below 1.6607 minor support will turn intraday bias neutral first.
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. Decisive break there will pave the way back to 1.4281. For now, risk will stay on the downside as long as 55 W EMA (now at 1.7226) holds, even in case of strong rebound.
 will pave the way to 38.2% retracement of 1.8554 to 1.6125 at 1.7053. On the downside, below 1.6607 minor support will turn intraday bias neutral first.){kind=link}