Daily Pivots: (S1) 1.6596; (P) 1.6647; (R1) 1.6693; More…
Intraday bias in EUR/AUD is back on the downside with break of 1.6631 support. Deeper fall would be seen to 1.6449 support next. Firm break there will argue that the pattern from 1.6319 has completed at 1.6844 as a corrective move, and fall from 1.7062 is ready to resume through 1.6319. On the upside, however, sustained break of 1.6843/4 will resume the rebound from 1.6319 for retesting 1.7062 high next.
In the bigger picture, while 1.7062 is a medium term top, there is no clear sign of trend reversal as EUR/AUD continues to draw strong support from the medium term trend line. Break of 1.7062 will resume the larger up trend from 1.4281 (2022 low) to 1.7691 fibonacci level. Nevertheless, break of 1.6449 support will argue that deeper correction is underway to 38.2% retracement of 1.4281 to 1.7062 at 1.6000.
