Daily Pivots: (S1) 1.5887; (P) 1.5998; (R1) 1.6067; More….
EUR/AUD drops notably and breached 1.5941 minor support but recovered. Intraday bias is neutral for now first. On the downside, firm break of 1.5941 will turn bias to the downside for 1.5271 support. Break there will resume whole decline from 1.6765. Meanwhile, rebound from current level will retain near term bullishness. Break of 1.6122 will target 1.6765.
In the bigger picture, as long as 1.5346 support holds, outlook will remain bullish. Uptrend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
