Daily Pivots: (S1) 1.6164; (P) 1.6208; (R1) 1.6247; More…
Immediate focus is now on 1.6359 resistance in EUR/AUD as rebound from 1.5963 resumes today. Firm break there will be the first sign of bullish trend reversal, after successfully defending 1.5996 key support level. Further rally should then be seen to 1.6598 resistance for confirmation. Nevertheless, break of 1.6156 support will turn bias back to the downside for 1.5996 again.
In the bigger picture, immediate focus is now on 1.5996 key support level. Sustained break there will argue that whole up trend from 1.4281 (2022 low) is already reversing. Deeper decline would be seen to 61.8% retracement of 1.4281 to 1.7180 at 1.5388, even as a correction. Nevertheless, strong rebound from current level, followed by break of 1.6359 resistance, will keep medium term outlook neutral at worst.
