Daily Pivots: (S1) 1.7076; (P) 1.7109; (R1) 1.7164; More…
Intraday bias in EUR/AUD is turned neutral with current rebound. Overall outlook is unchanged that strong support should be seen from 1.6990 to complete the correction from 1.7147. On the upside, above 1.7270 will bring retest of 1.7417 first. Break there will resume whole rise from 1.6335.
In the bigger picture, the breach of 1.7180 key resistance (2024 high) suggests that up trend from 1.4281 (2022 low) is resuming. Sustained trading above 1.7180 will confirm and target 61.8% projection of 1.4281 to 1.7062 from 1.5963 at 1.7682, which is also close to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. For now, this will remain the favored case as long as 1.6800 resistance turned support holds, even in case of deep pullback.
