Daily Pivots: (S1) 1.5712; (P) 1.5756; (R1) 1.5817; More….
EUR/AUD surges to as high as 1.5863 so far today and intraday bias remains on the upside for 1.5886/8 resistance. Firm break there will resume the rise from 1.5271 and target 61.8% projection of 1.5271 to 1.5886 from 1.5601 at 1.5981 first. Break will target 100% projection at 1.6216, which is close to 1.6189 high. On the downside, below 1.5755 minor support will turn intraday bias neutral first.
In the bigger picture, the rebound from 1.5271 was somewhat weaker than expected. EUR/AUD. But there is no confirmation of completion. Break of 1.5888 will likely target 1.6189 and above to resume the medium term rally from 1.3624 (2017 low). This will be the favored case as long as 1.5271 support holds.
