Daily Pivots: (S1) 1.6097; (P) 1.6132; (R1) 1.6165; More…
Intraday bias in EUR/AUD remains neutral for the moment and some consolidation could be seen above 1.6085 temporary low. Further decline is expected as long as 1.6256 support turned resistance holds. Below 1.6085 will target a test on 1.5962 support. Nevertheless, firm break of 1.6256 will turn bias to the upside for 1.6448 resistance.
In the bigger picture, EUR/AUD is still struggling in established range of 1.5905/6786. And it’s trying to draw support from 55 week EMA (now at 1.6113) again. For now, larger up trend from 1.1602 (2012 low) is still in favor to continue as long as 1.5962 support holds. Break of 1.6503 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488.
