Daily Pivots: (S1) 1.6482; (P) 1.6592; (R1) 1.6659; More…
Intraday bias in EUR/AUD is turned neutral first with current retreat. Some more consolidations would be seen below 1.6698 first. But another rise would remain in favor. On the upside, firm break of 1.6742 resistance will argue that larger up trend is going to resume through 1.7062 high.
In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low) and could have completed after hitting 38.2% retracement of 1.4281 to 1.7062 at 1.6000. On resumption next target will be 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715. This will now remain the favored case as long as 55 D EMA (now at 1.6296) holds.
