Daily Pivots: (S1) 1.5731; (P) 1.5779; (R1) 1.5825; More…
Intraday bias in EUR/AUD stays mildly on the downside at this point. Rise from 1.5559 could have completed at 1.6223 already. Deeper fall would be seen to 1.5559 support first. Break there will also indicate that corrective rise from 1.5354 has completed in form of a three wave pattern. Further decline would then be seen back to 1.5250/5354 support zone. On the upside, above 1.6002 minor resistance will bring retest of 1.6223 resistance instead.
In the bigger picture, rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low. Further rise cannot be ruled out, but even in that case, strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.
