EUR/AUD’s up trend continued last week. Disregarding the initial spike, it still reached as high as 1.8109. Initial bias remains on the upside this week. Current up trend should target next medium term fibonacci projection level at 1.8619. On the downside, break of 1.7286 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, up trend from 1.1602 (2012 low) is in progress for 100% projection of 1.1602 to 1.6597 from 1.3524 at 1.8619. On the downside, break of 1.6085 support is needed to indicate medium term topping. Otherwise, outlook will stay bullish even in case of deep pull back.
In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress for 100% projection of 1.1602 to 1.6597 from 1.3524 at 1.8619. Sustained break there will pave the way to retest 2.1127 (2008 high).
