Daily Pivots: (S1) 1.6988; (P) 1.7135; (R1) 1.7234; More…
Intraday bias in EUR/AUD remains on the downside as decline from 1.9799 is extending. With 61.8% retracement of 1.6085 to 1.9799 at 1.7504 firmly taken out, deeper decline would be seen to 1.6085/6593 support zone. On the upside, break of 1.8124 resistance is needed to confirm completion of the decline. Otherwise, further fall will remain mildly in favor in case of recovery.
In the bigger picture, up trend from 1.1602 (2012 low) is in progress and further rally would be seen to 2.1127 (2008 high) and possibly to 161.8% projection of 1.1602 to 1.6597 from 1.3524 at 2.1706. On the downside, for now, touching of 1.6597 resistance turned support (2015 high) is needed to indicate medium term reversal. Otherwise, outlook will stay bullish even in case of deep pull back.
