EUR/AUD Currency Pair Trades Sideways in Neutral Bias

The EUR/AUD currency exchange rate is presently demonstrating a neutral bias amidst ongoing sideways trading movements. The market's daily pivot points are showing a support 1 (S1) level at 1.6452, a pivot point (P) at 1.6516, and a resistance 1 (R1) level at 1.6552.

Intraday Outlook for EUR/AUD

A critical observation for traders is the neutral intraday bias that the EUR/AUD pair currently holds, with no significant directional momentum observed. A key level to watch is the 1.6671 mark; a decisive breakthrough above this point could signal the end of the corrective phase from the high of 1.7062. This price action may imply the completion of a three-wave decline pattern down to 1.6127, hinting at the likelihood of an uptrend resumption. If the pair were to initiate a rally, an advance towards the 1.6844 resistance level would be on the cards to confirm this sentiment.

Conversely, should the price drop below the support level of 1.6438, we might anticipate a deeper decline heading towards the 1.6127 support zone.

Broader Market Perspective

From a broader market perspective, the fall from the 1.7062 medium-term high is perceived as a correction within the uptrend that initiated from a 2022 low of 1.4281. Should the pair break through the 1.6844 resistance, it would support the idea that the uptrend is prepared to continue beyond the 1.7062 peak. Alternatively, in the event of a price decline, significant support is expected around the 1.5846 level and near the 38.2% Fibonacci retracement point of 1.4281 to 1.7062, located at 1.6000, which could potentially trigger a rebound.

EUR/AUD, Neutral, Outlook