Daily Pivots: (S1) 1.6568; (P) 1.6620; (R1) 1.6666; More…
Intraday bias in EUR/AUD stays neutral and outlook is unchanged. Correction from 1.7062 should have completed at 1.6319. Above 1.6704 will resume the rise from 1.6319 to retest 1.7062 high. However, firm break of 1.6442 support will dampen this view and turn bias back to the downside for 1.6319 support instead.
In the bigger picture, the strong support from medium term rising trend line indicates that rise from 1.4281 (2022 low) is still in progress. On resumption, next target is 100% projection of 1.5846 to 1.7062 from 1.6319 at 1.7353. In any case, outlook will stay bullish as long as 1.6319 support holds.
