EUR/AUD Daily Forex Analysis
Our Daily Forex Analysis suggests a neutral intraday bias at present, considering EUR/AUD’s recent pullback before reaching the 1.6789 high. Breaking above 1.6789 decisively would reinitiate the broader upward trend, paving the way toward the 1.7381 projection level. Conversely, should 1.6581, a previously established resistance now turned support, fail to hold, the bias might shift downwards towards 1.6263 support, expanding the correction phase from 1.6789.
When viewed through the lens of the larger scenario, the rally that began at 1.4285, with the 38.2% retracement of this rally to 1.6789 at 1.5832 remaining unbroken, is still ongoing. A firm breach of 1.6789 would substantiate the resumption of this uptrend. The next aim is the 100% projection of the rally from 1.5258 to 1.6789 from 1.5850, located at 1.7381. However, if the EUR/AUD pair faces rejection at 1.6789, the correction pattern might be extended with another downward leg. Despite this, our Daily Analysis maintains a bullish outlook as long as the 1.5832 level is defended.
EUR/AUD Daily Analysis Summary
In summary, our EUR/AUD Intraday Analysis reveals a currently neutral bias. A decisive break above 1.6789 could revive the larger uptrend, while a break below 1.6581 could steer the bias downwards. However, the broader outlook remains bullish, given the 1.5832 support level holds firm.
Key Points:
- EUR/AUD demonstrates a neutral intraday bias.
- A decisive breach above 1.6789 could reignite the larger uptrend.
- As long as the support at 1.5832 remains intact, the broader outlook stays bullish.
