Daily Pivots: (S1) 1.4815; (P) 1.4869; (R1) 1.4955; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the downside, break of 1.4759 minor support will resume the decline from 1.5277 to 1.4597 support. Firm break there should confirm rejection by 1.5354 resistance and bring retest of 1.4138 low. However, on the upside, firm break of 1.4965 minor resistance will turn bias back to the upside for 1.5277 resistance instead.
In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend from 1.9799 (2020 high) is still expected to continue. On resumption, next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.
