EUR/AUD Daily Analysis
The EUR/AUD is trading sideways with a neutral intraday bias. A further rise is expected as long as the 1.6053 support level holds. If the 61.8% projection of 1.4281 to 1.5976 from 1.5254 at 1.6302 is broken decisively, the larger rally from 1.4281 to 1.6389 Fibonacci level and then 1.6434 resistance will resume. On the other hand, if 1.6053 is broken firmly, it will indicate rejection by 1.6302 and turn the bias to the downside for 1.5848 support.
Looking at the bigger picture, the strong support from the 55 week EMA (currently at 1.5404) increases the chance of a bullish trend reversal. The focus is now on the 1.6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). If there is a sustained break there, it will confirm that the whole downtrend from 1.9799 (2020 high) has completed, and a further rally should be seen to the 61.8% retracement at 1.7691. However, if there is rejection by this cluster resistance, the medium-term outlook will be at best neutral.
