Daily Forex Analysis – EUR/AUD
The EUR/AUD continues to engage in range trading, with the intraday bias maintaining a neutral stance as part of our Daily Forex Analysis. A more substantial decline is on the horizon as long as the resistance at 1.6797 remains unbroken. A downward break of 1.6456 will mark the continuation of the decline from 1.7066, unfolding as a larger scale correction, eyeing the 1.6004 Fibonacci level. However, a solid break above 1.6797 would mitigate this bearish view, provoking a retest of 1.7066.
In the more expansive Daily Analysis, the fall from 1.7066 is perceived as a probable correction to the entire upward trend that started at 1.4285, identified as the low of 2022. A more profound decline is anticipated to reach the 38.2% retracement of 1.4285 to 1.7066 at 1.6004. It is expected that substantial support will manifest at this level, fostering a rebound, at least on an initial attempt, providing a more balanced EUR/AUD Intraday Analysis.
Analysis Summary
The Daily Forex Analysis illustrates that the EUR/AUD pair is currently in a range, with a deeper decline anticipated, aiming for the 1.6004 Fibonacci level, unless 1.6797 is breached. The fall from 1.7066 is potentially correcting the whole up trend from 2022’s low of 1.4285, with significant support expected at 1.6004.
Key Points:
- EUR/AUD maintains neutral intraday bias, with potential for deeper decline.
- A break of 1.6797 could trigger a retest of 1.7066.
- Significant support is foreseen at the 1.6004 level.
