EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6195; (P) 1.6247; (R1) 1.6274; More

EUR/AUD drops further today as consolidation from 1.6448 extends. But outlook is unchanged and intraday bias remains neutral. Downside should be contained above 1.6052 support to bring rise resumption. On the upside, break of 1.6448 will resume the rally from 1.5683 and target 1.6765 high.

In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend 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 and turn outlook bearish.

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