EUR/AUD dropped to 1.7003 last week but turned sideway since then. Initial bias remains neutral this week first. Near term outlook stays mildly bearish as long as 1.7732 support turned resistance holds. On the downside, below 1.7003 will extend the fall from 1.9799 to 1.6085/6593 support zone. On the upside, firm break of 1.7732 will suggest completion of the fall from 1.9799, and turn bias back to the upside.

In the bigger picture, as long as 1.6597 resistance turned support (2015 high) holds, up trend from 1.1602 (2012 low) is still in progress. Next target will be 2.1127 (2008 high). However, firmed break of 1.6597 will be a important sign of trend reversal and turn focus back to 1.3624 support.

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In the longer term picture, the rise from 1.1602 long term bottom (2012 low) is still in progress next target would be the resistance zone between 2.1127 (2008 high) and 161.8% projection of 1.1602 to 1.6597 from 1.3524 at 2.1706.


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