Daily Pivots: (S1) 1.5391; (P) 1.5438; (R1) 1.5478; More…
Intraday bias in EUR/AUD stays on the downside for 161.8% projection of 1.6434 to 1.5907 from 1.6232 at 1.5379. Sustained break there will pave the way to retest on 1.5250 low. On the upside, break of 1.5598 minor resistance will indicate short term bottoming, and turn bias to the upside for stronger rebound to 55 day EMA (now at 1.5833).
In the bigger picture, with 38.2% retracement of 1.9799 to 1.5250 at 1.6988 intact, the down trend from 1.9799 (2020 high) is expected to resume at a later stage. Firm break of 1.5250 will target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. In any case, sustained break of 1.6988 fibonacci level is needed to indicate long term reversal.
