Daily Pivots: (S1) 1.6470; (P) 1.6628; (R1) 1.6725; More…
A temporary top was formed at 1.6786 with today’s retreat. Intraday bias in EUR/AUD is turned neutral for some consolidations first. Downside should be contained above 1.6247 resistance turned support to bring rise resumption. On the upside break of 1.6786 will target 161.8% projection of 1.5683 to 1.6448 from 1.5894 at 1.7132.
In the bigger picture, current development suggests that up trend from 1.1602 (2012 low) is resuming. Strong support from 55 week EMA indicates medium term bullishness. Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. In any case, break of 1.5894 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.
