Daily Pivots: (S1) 1.5169; (P) 1.5204; (R1) 1.5264; More….
Intraday bias in EUR/AUD is turned neutral with a temporary top in place at 1.5241. Further rise is expected as long as 1.5108 minor support holds. Above 1.5241 will extend the medium term rise from 1.3624. In that case, EUR/AUD should target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 first. Break will target 100% projection at 1.6023 next. On the downside, below 1.5108 minor support will mix up the outlook and turn bias to the downside.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top 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.
