Intraday bias in EUR/AUD is turned neutral first with current retreat, and some consolidations could be seen first. Further rally remains in favor as long as 1.6306 support holds. Break of 1.6617 will resume the rally from 1.6108 towards 1.6842 resistance.
In the bigger picture, outlook will stay bearish as long as 1.6842 resistance holds. Fall from 1.8554 (2025 high) is expected to continue to 61.8% retracement of 1.4281 to 1.8554 at 1.5913. Decisive break there will pave the way back to 1.4281 (2022 low). However, firm break of 1.6842 should confirm medium term bottoming, and bring stronger rally.
Source: Original Article
