EUR/AUD Price Forecast and Key Rebound Zones on the Daily Timeframe

The EUR/AUD pair continues its strong downtrend due to the weakness of the Euro and the strength of the Australian Dollar, driven by the ongoing conflict in the Middle East.

The pair managed to break through previous buying levels after a weak rebound, confirming the strength of the current trend. It is expected that the pair will continue its downward movement towards the next demand zone near 1.6014, as illustrated on the chart.

Expected Rebound Zones

Currently, the demand zone is located around the 1.6014 level, which is considered a key rebound point. A break above this level is expected to trigger an upward price correction.

If the situation in the Middle East persists and escalates, this could put further downward pressure on the Euro, which would, in turn, affect the EUR/AUD pair, potentially causing it to continue its decline.

In the event of an upward correction, we may see a visit to the newly formed supply zones near the 1.6458 levels, which are considered the best nearby selling zones for the pair. Prices are expected to fall again and resume their decline if these levels are tested.