Daily Pivots: (S1) 1.6134; (P) 1.6191; (R1) 1.6235; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the upside, break of 1.6247 should now confirm completion of fall from 1.6448 at 1.5894. Further rise should then be seen to 1.6448 and above. On the downside, though, below 1.6093 minor support will turn intraday bias back to the downside for 1.5894 and below.
In the bigger picture, as long as 1.5346 support holds, medium term 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.
