Daily Pivots: (S1) 1.5525; (P) 1.5566; (R1) 1.5623; More…
Intraday bias in EUR/AUD remains mildly on the upside at this point. Price actions from 1.5250 are seen as correcting the whole decline from 1.6827. Further rise could be seen through 1.5689 resistance to 38.2% retracement of 1.6827 to 1.5250 at 1.5852. On the downside, break of 1.5444 minor support will turn bias back to the downside for retesting 1.5250 low instead.
In the bigger picture, price actions from 1.9799 are 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 1.6033 support turned resistance holds, even in case of strong rebound.
