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The EUR/AUD pair broke below the 138.2% Fibonacci projection level at 1.6351, extending losses toward the 161.8% target of 1.6042. Key daily pivot levels show support at 1.6228 (S1) and 1.6347 (P), with resistance at 1.6426 (R1). The intraday bias remains bearish as long as the 1.6594 support level holds, according to ActionForex analysis. This technical breakdown is critical for forex traders monitoring cross-currency pairs. The EUR/AUD movement reflects broader eurozone-Australian dollar dynamics, influenced by divergent monetary policies between the ECB and RBA. A sustained break below 1.6228 could trigger further downside momentum, while a rebound above 1.6594 might signal a near-term reversal. Market participants should watch for confirmation of the 1.6042 target and potential follow-through selling. The ECB's policy trajectory and RBA rate decisions will remain key drivers. Traders may consider short positions with stop-loss above 1.6594, while long-term investors should await clearer trend confirmation.
