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EUR/AUD turns lower after breaking 1.6250 support
The outlook remains bearish while 1.6842 resistance holds, with the next downside focus on a retest of the 1.6108 low.
Action Forex says the intraday bias in EUR/AUD is back to the downside after a break of the 1.6250 support level.
The outlet adds that the fall from 1.6617 is resuming and is expected to target a retest of the 1.6108 low, with intraday bias able to turn neutral first if price moves back above 1.6331 minor resistance.
In the bigger picture, Action Forex notes the outlook stays bearish as long as 1.6842 resistance holds, pointing to a 61.8% retracement level around 1.5913. It says a decisive break below that area would open the way back toward the 1.4281 level, while a firm break of 1.6842 would signal medium term bottoming.