Forex
Home›Forex›Major Pairs›EUR/AUD turns neutral as 1.6419 resistance caps furthe…
EUR/AUD turns neutral as 1.6419 resistance caps further gains
The outlook stays bearish while 1.6842 holds, with a move below 1.6256 flagged to target a retest of the 1.6108 low.
Action Forex said the intraday bias for EUR/AUD has been turned neutral after a recovery, but it still expects further downside as long as the 1.6419 resistance level holds.
The outlet noted that a rebound from 1.6108 could have already completed at 1.6617, and it pointed to a potential path lower if EUR/AUD trades below 1.6256, which it says would target a retest of the 1.6108 low.
Action Forex added that a firm break below 1.6108 would be expected to resume the larger downtrend, while the broader view remains bearish as long as 1.6842 resistance continues to hold.
In the bigger picture, the publication said the decline from the 1.8554 2025 high is expected to continue as a 61.8% retracement level lines up around 1.5913, and it suggested that a firm break of 1.6842 would confirm medium term bottoming and support a stronger rally.