Daily Pivots: (S1) 1.5665; (P) 1.5754; (R1) 1.5801; More…
Intraday bias in EUR/AUD remains on the downside for the moment. Consolidation pattern from 1.5250 might have completed at 1.5849, just missing 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Deeper fall would be seen to 1.5148 support first. Sustained break there will solidify this bearish case and target a retest of 1.5250 low. But on the upside, sustained break of 1.5852 will bring further rally back to 1.6033 support turned resistance.
In the bigger picture, price actions from 1.9799 are 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 1.6033 support turned resistance holds, even in case of strong rebound.
