Daily Pivots: (S1) 1.4871; (P) 1.4967; (R1) 1.5145; More….
With break of 1.5031 resistance, intraday bias is turned to the upside for 1.5173/5226 resistance zone first. Break will resume medium term rally from 1.3624. On the downside, below 1.4791 will turn bias to the downside and extend the fall from 1.5173 to retest 1.4421 support.
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 price actions from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 support will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
