EUR/AUD Exchange Rate Sees Neutral Intraday Bias Amid Continued Range Trading

The EUR/AUD currency pair displays a neutral intraday bias as it continues to undergo range-bound trading activity. The pair has established daily pivot points with support 1 (S1) at 1.6521, the pivot point (P) at 1.6566, and resistance 1 (R1) at 1.6640.

Prospects of a Bullish Breakout

On the upside, a decisive breakout above the 1.6671 mark could signal that the corrective phase which brought the pair down from the high of 1.7062 to the low of 1.6127 with three downward waves could be concluding. A confirmation of this bullish scenario would entail a further surge toward the 1.6844 resistance level. However, the failure to breach this level and a subsequent drop below the 1.6438 threshold could instigate another descent towards the support at 1.6127.

Long-Term Perspective

From a broader perspective, the decline from the medium-term high of 1.7062 is perceived as a corrective movement in the context of the overall uptrend that began from the 2022 low of 1.4281. Should the pair manage to overcome the 1.6844 resistance, it could reaffirm the uptrend's momentum, potentially retesting the 1.7062 high. Conversely, a downward movement would likely find solid support near the 1.5846 area and the 38.2% Fibonacci retracement level of the rise from 1.4281 to 1.7062, which lies around 1.6000, potentially leading to a rebound.

EUR/AUD, Trading, Forex