Daily Pivots: (S1) 1.5687; (P) 1.5717; (R1) 1.5749; More…
Intraday bias in EUR/AUD stays on the downside as decline is accelerating downwards. Current down trend should target 161.8% projection of 1.6827 to 1.6144 from 1.6420 at 1.5315 next. On the upside, break of 1.5830 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, current development suggests that price actions from 1.9799 is developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6827 resistance holds, even in case of strong rebound.
