Daily Pivots: (S1) 1.6136; (P) 1.6177; (R1) 1.6200; More…
Intraday bias in EUR/AUD remains on the downside for the moment. Corrective recovery from 1.5905 should have completed at 1.6432 already. Further fall should be seen to retest 1.5984/5905 key support zone. Decisive break there will carry larger bearish implication. On the upside, above 1.6218 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.6432 resistance holds.
In the bigger picture, as long as 1.5894 support holds, outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6058) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
