Daily Pivots: (S1) 1.5875; (P) 1.5952; (R1) 1.6058; More…
Outlook in EUR/AUD will stays bearish as long as 1.6122 support turned resistance holds. Further decline should be seen to 100% projection of 1.6827 to 1.6122 from 1.6420 at 1.5715. Though, break of 1.6122 will indicate short term bottoming. Intraday bias will be turned back to the upside for 1.6420 resistance instead.
In the bigger picture, current development suggests that price actions from 1.9799 is developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6827 resistance holds, even in case of strong rebound.
