Daily Pivots: (S1) 1.6174; (P) 1.6220; (R1) 1.6302; More….

EUR/AUD recovered after drawing support from 4 hour 55 EMA and intraday bias is turned neutral first. Consolidation from 1.6353 short term top could extend further with another decline, possibly to 38.2% retracement of 1.5601 to 1.6353 at 1.6066. But downside should be contained well above 1.5886 cluster support (61.8% retracement at 1.5888) to bring rise resumption. On the upside, break of 1.6353 will resume larger up trend to 1.6587 key resistance level.

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In the bigger picture, up trend from 1.3624 (2017 low) has just resumed. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.

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