EUR/AUD Daily Analysis
EUR/AUD dips mildly today but stays in the established range. Intraday bias remains neutral first. Further decline is expected as long as the 1.4804 resistance holds. On the downside, a firm break of 1.4318 low will resume a larger down trend to the medium-term projection level at 1.3623. However, break of 1.4804 will delay the bearish case and turn bias to the upside for a stronger rebound first.
In the bigger picture, the down trend from 1.9799 is still in progress. A break of 1.4318 low will target a 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long-term support (2017 low). This will remain the favored case now as long as 1.5396 resistance holds.
