The intraday bias in EUR/AUD currently remains neutral. A decisive break below the 1.6635 support level could shift the bias towards the downside, targeting the 1.6453 support. Conversely, a sustained breach above 1.6847/8 would signal a continuation of the rebound from 1.6323, potentially retesting the high at 1.7066.
From a broader perspective, the 1.7066 level marks a medium-term peak in the EUR/AUD pair. Despite this, there’s no definitive indication of a trend reversal, as the pair continues to find robust support along the medium-term trend line. Surpassing the 1.7066 threshold would indicate a resumption of the longer-term uptrend from the 2022 low of 1.4285, aiming for the 1.7695 Fibonacci level. However, a break below the 1.6453 support would suggest the onset of a deeper correction towards the 38.2% Fibonacci retracement of the rise from 1.4285 to 1.7066, situated around the 1.6004 level.
AnalysisSummary
The EUR/AUD pair maintains a neutral intraday bias, with a downward shift possible on breaking 1.6635 and an upward trend likely above 1.6847/8. In the long-term view, surpassing 1.7066 could signal a continued uptrend, while a fall below 1.6453 might indicate a deeper correction.
Key Points
- There is a neutral intraday bias in EUR/AUD with a possible downside below 1.6635.
- Upside continuation likely above 1.6847/8.
- Long-term uptrend resumption above 1.7066; deeper correction below 1.6453.
