Daily Pivots: (S1) 1.6043; (P) 1.6078; (R1) 1.6118; More…
Intraday bias in EUR/AUD is neutral for consolidation above 1.6025 temporary low first. Upside of recovery should be limited below 1.6259 resistance to bring fall resumption. Decline from 1.6448 is now seen as the third leg of the consolidation pattern from 1.6765 high. Break of 1.6025 will target 1.5683 support and below.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend 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 and turn outlook bearish.
