EUR/AUD Daily Outlook: Insights and Predictions

Tuesday, 16 July 2024, 06:32
EUR/AUD has shown a strong rebound following a period of consolidation at 1.5996. However, the overall outlook remains consistent, with the resistance level at 1.6211 still holding. The current intraday bias suggests a neutral stance, but there is an anticipation of a further decline. A potential break below 1.5996 could trigger a larger downward movement towards the key support level at 1.5846. In conclusion, the EUR/AUD pair is poised for continued volatility with a bearish bias in the near term.
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EUR/AUD Daily Outlook: Insights and Predictions

EUR/AUD Daily Outlook

EUR/AUD rebounded strongly as consolidation from 1.5996 extends. But outlook is unchanged with 1.6211 support turned resistance intact.

Intraday Bias

Stays neutral and further decline is expected.

Downside Scenario

  • Break of 1.5996 will resume larger fall to 1.5846 support next.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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