Daily Pivots: (S1) 1.6459; (P) 1.6527; (R1) 1.6659; More…
Intraday bias in EUR/AUD remains on the upside at this point. Current rise from 1.5962 should target 1.6786 high. On the downside, below 1.6469 minor support will turn intraday bias neutral and bring consolidation. But retreat should be contained above 1.6294 resistance turned support to bring rise resumption.
In the bigger picture, EUR/AUD drew support from 55 week EMA and rebounded strongly again. The development indicates that up trend from 1.1602 (2012 low) is still in progress. Further rise should be seen to 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. This will remain the favored case as long as 1.5962 support holds.
