Daily Pivots: (S1) 1.5914; (P) 1.5958; (R1) 1.5986; More….
Intraday bias in EUR/AUD remains neutral first. Price actions from 1.5721 so far suggests it’s a correction only. That is, fall from 1.6765 isn’t over yet. On the downside, break of 1.5721 low will resume the decline from 1.6765 and target 1.5346 support. On the upside, above 1.6122 will resume the corrective rise from 1.5721.
In the bigger picture, as long as 1.5346 support holds, outlook will remain bullish. Uptrend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
