Daily Pivots: (S1) 1.5812; (P) 1.5880; (R1) 1.5929; More….
Intraday bias in EUR/AUD remains neutral as consolidation from 1.5945 temporary top is in progress. Deeper retreat could be seen but downside should be contained by 4 hour 55 EMA (now at 1.5759) to bring rise resumption. Above 1.5945 will target 61.8% projection of 1.5271 to 1.5886 from 1.5601 at 1.5981 first. Break will target 100% projection at 1.6216, which is close to 1.6189 high.
In the bigger picture, EUR/AUD drew strong support from 55 week EMA and rebounded. And the development argues that medium term rally from 1.3624 (2017 low) is still in progress. Firm break of 1.6189 will target a test on 1.6587 (2015 high). On the downside, break of 1.5601 support will now be the first sign of medium term reversal, and will bring a test on 1.5271 key support for confirmation.
