Daily Pivots: (S1) 1.5630; (P) 1.5706; (R1) 1.5773; More….
Intraday bias in EUR/AUD remains neutral at this point. On the downside, decisive break of 1.5626 near term support will firstly resume the fall from 1.5976. Secondly, that will also raise the odds of larger reversal. Deeper fall should then be seen to 61.8% retracement of 1.5153 to 1.5976 at 1.5467 and below. However, on the upside, break of 1.5787 minor resistance will indicate completion of the pull back from 1.5976. And, intraday bias will be turned back to the upside for retesting 1.5976 high instead.
In the bigger picture, change of medium term reversal is increasing with EUR/AUD just missing double projection target. They are 61.8% projection of 1.4421 to 1.5770 from 1.5153 at 1.5987, and 100% projection of 1.3624 to 1.5226 from 1.4421at 1.6023. Also, bearish divergence condition remains in daily MACD. Break of 1.5626 support will add to this bearish case and target 1.5153 key support for confirmation. Nonetheless, before that happens, as long as 1.5153 support holds, medium term rise from 1.3624 could still extend to retest 1.6587 high.
