EUR/AUD’s rally continues today and broke 100% projection of 1.6108 to 1.6381 from 1.6186 at 1.6459. Intraday bias remains on the upside for 161.8% projection at 1.6628 next. On the downside, below 1.6480 minor support will turn bias neutral and bring consolidations first.
In the bigger picture, outlook will stay bearish as long as 1.6842 resistance holds. Fall from 1.8554 (2025 high) is expected to continue to 61.8% retracement of 1.4281 to 1.8554 at 1.5913. Decisive break there will pave the way back to 1.4281 (2022 low). However, firm break of 1.6842 should confirm medium term bottoming, and bring stronger rally.
