Daily Pivots: (S1) 1.5849; (P) 1.5892; (R1) 1.5925; More….
With 1.5786 minor support intact, further rise is expected in EUR/AUD for 61.8% projection of 1.5258 to 1.5816 from 1.5626 at 1.5971. Break there target 100% projection at 1.6184. On the downside, break of 1.5786 will rise the chance of near term reversal and turn bias to the downside for 1.5626 support.
In the bigger picture, medium term rise from 1.3624 is still in progress for 1.6587 key resistance. At this point, we’d be cautious on strong resistance from there to limit upside. But decisive break will confirm resumption of long term rise from 1.1602. On the downside, break of 1.5153 support is needed to indicate completion of the medium term rise. Otherwise, outlook will remain bullish in case of pull back.
