Daily Pivots: (S1) 1.6684; (P) 1.6820; (R1) 1.6892; More…
Intraday bias in EUR/AUD remains on the downside at this point. Current fall from 1.9799 should target 1.6597 key support. Firm break there will carry larger bearish implications. On the upside, though, break of 1.7350 minor resistance will suggest short term bottoming. Intraday bias will be turned back to the upside for stronger rebound.
In the bigger picture, while the pull back from 1.9799 is deep, there is no clear sign of trend reversal yet. EUR/AUD is still holding on to 1.6597 (2015 high) cluster support, with 38.2% retracement of 1.1602 to 1.9799 at 1.6668. Larger rise from 1.1602 (2012 low) is in progress and would resume at a later stage. However, sustained break of 1.6597 suggest bearish reversal.
