EUR/AUD Daily Outlook and Market Analysis

Tuesday, 23 July 2024, 06:31
The intraday bias for EUR/AUD indicates a continued upward trajectory following a potential completion of the corrective move from 1.0762 to 1.5996, which recently found support at 1.6000. A firm break above the 1.6148 resistance level would confirm bullish momentum, aiming for the next target at 1.6742. Conversely, if prices fall below the support at 1.6282, the bullish outlook may be compromised, transitioning the bias to a neutral stance.
Actionforex
EUR/AUD Daily Outlook and Market Analysis

EUR/AUD Intraday Bias and Outlook

The intraday bias in EUR/AUD suggests an ongoing upward movement. The recent correction from 1.0762 appears to have concluded at 1.5996, indicating a turning point after finding support at the 1.6000 fibonacci level.

Resistance Levels to Watch

A firm break of the 1.6148 resistance will strengthen the bullish case and set a target for the next resistance at 1.6742.

Downside Risks

  1. Should the price drop below 1.6282, this level will turn from resistance into support.
  2. Such a decline could dampen the bullish outlook and shift the intraday bias to neutral.

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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