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EUR/AUD outlook turns bearish unless 1.6842 breaks higher

Analysts flag a bearish bigger-picture view as long as 1.6842 resistance holds, with a potential deeper move if 1.6250 breaks.

Reported · Written up by our desk · Major Pairs

Action Forex said the intraday bias for EUR/AUD is neutral for the moment, but a corrective move from 1.6108, or 1.6125, is still extending.

The outlet noted that a move above 1.6530 would first aim at the 1.6617 resistance level, while a break below 1.6250 would open the door to a deeper decline back toward the 1.6108 low.

Looking at the bigger picture, Action Forex said the outlook remains bearish as long as 1.6842 resistance holds, and it expects the prior fall from 1.8554 to continue toward the 61.8% retracement level at 1.5913.

It added that a decisive break below 1.5913 could pave the way back to the 1.4281 level, while a firm break of 1.6842 would be seen as confirmation of medium-term bottoming and could trigger a stronger rally.

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