EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.7149; (P) 1.7213; (R1) 1.7320; More...

The EUR/AUD currency pair has resumed its upward rally, experiencing brief periods of consolidation. The intraday movement is trending upward, indicating continued strength. The current rise, which began from 1.6335, is now expected to target the 161.8% projection level of 1.5963 to 1.6800, resulting in a target around 1.7709. However, if the pair falls below the minor support level of 1.7102, the intraday bias may shift to neutral, leading to further consolidations before another rally can take place.

When examining the broader trend, it appears that the upward trajectory from the 2022 low of 1.4281 is ongoing. If the pair can sustain trading above the key resistance level at 1.7180, this will open the path towards the 61.8% projection of the movement from 1.4281 to 1.7062, placing another target at approximately 1.7682. This level is close to the 61.8% retracement of the high of 1.9799, recorded in 2020, down to the 1.4281 low, which is situated around 1.7691. As long as support at 1.6355 holds, this scenario remains favored, even if there are deeper pullbacks along the way.

EUR, AUD, Forex