Daily Pivots: (S1) 1.5132; (P) 1.5159; (R1) 1.5210; More….
The break of 1.5173 resistance suggests that EUR/AUD’s rise from 1.4421 is finally resuming. Intraday bias is back on the upside for 1.5226 key resistance next. Break there will also resuming the medium term rally from 1.3624. In that case, EUR/AUD should target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 first. Break will target 100% projection at 1.6023 next. On the downside, below 1.5108 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the price actions from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 support will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
