Daily Pivots: (S1) 1.6008; (P) 1.6073; (R1) 1.6126; More…
Intraday bias in EUR/AUD remains neutral for consolidation below 1.6200. Downside of retreat should be contained by 1.5826 support to bring another rally. Break of 1.6200 will resume the larger rise from 1.4281 to 61.8% projection of 1.4281 to 1.5976 from 1.5254 at 1.6302 next.
In the bigger picture, the strong support from 55 week EMA (now at 1.5396) is raising the chance of bullish trend reversal. Focus is now on 1.6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). Sustained break there should confirm that whole down trend from 1.9799 (2020 high) has completed. Further rally should then be seen to 61.8% retracement at 1.7691. However, rejection by this cluster resistance will make medium term outlook neutral at best.
