Daily Pivots: (S1) 1.6222; (P) 1.6280; (R1) 1.6370; More…
Outlook in EUR/AUD is unchanged. Corrective fall from 1.6785 should have completed with three waves down to 1.5846. Intraday bias stays on the upside for 1.6513 resistance. Firm break there will confirm this case and target 1.6785 high next. On the downside, though, break of 1.6187 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, with 38.2% retracement of 1.4281 to 1.6785 at 1.5828 intact, rally from 1.4281 is still in progress. Firm break of 1.6785 will confirm rally resumption. Rejection by 1.6785 will extend the corrective pattern with another fall leg. But outlook will stay bullish as long as 1.5828 holds.
