Daily Pivots: (S1) 1.5561; (P) 1.5621; (R1) 1.5686; More…
Intraday bias in EUR/AUD remains on the downside for the moment. Firm break of 1.5559 support should 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. For now, risk will stay on the downside as long as 1.5837 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.5250 low are seen as a corrective pattern. Further extension could be seen and another rise cannot be ruled out. But 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.
