Daily Pivots: (S1) 1.4991; (P) 1.5082; (R1) 1.5143; More….
A temporary top is in place at 1.5173 and intraday bias is turned neutral first. We’re holding on to the bullish view that correction from 1.5226 has completed with three waves down to 1.4421. Further rise is expected and above 1.5173 will target retesting 1.5226 first. Break there will resume whole rebound from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 next. Outlook will remain unchanged as long as 1.4732 support holds.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
