Daily Pivots: (S1) 1.6312; (P) 1.6380; (R1) 1.6460; More…
Intraday bias in EUR/AUD is turned neutral for the moment, with today’s retreat. On the upside, break of 1.6593 resistance will resume whole rise from 1.5962 for 1.6786 high next. On the downside, break of 1.6256 will target 1.6106 support and possibly below.
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.
