The EUR/AUD currency pair has been experiencing a downward trend, with the recent decline from 1.6598 to 1.6161 indicating a bearish bias. The intraday outlook suggests that the pair may continue to fall towards the key support zone of 1.5996/6002. A clear breakthrough this level could lead to more significant bearish implications for the pair’s movement.
While there is a possibility of a recovery, the resistance at 1.6359 would need to be surpassed for any upward momentum to be sustainable. In the larger picture, as long as the support at 1.5996 remains intact, the overall uptrend from the 2022 low of 1.4281 is expected to continue, potentially reaching 1.7180 in the future. However, a decisive break below 1.5996 could indicate a reversal in the medium-term trend, with a potential further drop towards the 61.8% retracement level at 1.5388, possibly as a correction.
It is essential for traders and investors to closely monitor the price movements of the EUR/AUD pair, paying attention to key support and resistance levels to make informed trading decisions. The current bearish bias suggests a cautious approach, with a focus on risk management strategies to navigate potential market volatility. Stay updated on the latest developments and market analysis to stay ahead of the curve in the dynamic forex market.
