Daily Pivots: (S1) 1.5705; (P) 1.5759; (R1) 1.5794; More…
Intraday bias in EUR/AUD is turned neutral with today’s recovery. On the upside, break of 1.5863 will indicate short term bottoming at 1.5723, just ahead of 100% projection of 1.6827 to 1.6122 from 1.6420 at 1.5715. Intraday bias will be turned back to the upside for rebound, towards 1.6122 support turned resistance. Though, firm break of 1.5723 will resume larger down trend to 161.8% projection at 1.5279 next.
In the bigger picture, current development suggests that price actions from 1.9799 is 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 1.6827 resistance holds, even in case of strong rebound.
