EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6315; (P) 1.6394; (R1) 1.6506; More…

Intraday bias in EUR/AUD stays on the upside at this point. Pull back from 1.6785 should have completed at at 1.6134, after drawing support from 55 D EMA (now at 1.6222). Further rally should be seen to retest 1.6785 high next. On the downside, however, break of 1.6309 minor support will dampen this view and turn bias neutral first.

In the bigger picture, whole down trend from 1.9799 (2020 high) should have completed at 1.4281 (2022 low). Further rise should be seen to 61.8% retracement of 1.9799 to 1.4281 at 1.7691 next. For now, outlook will stay bullish as long as 1.5976 resistance turned support holds, even in case of deep pull back.