Daily Pivots: (S1) 1.5806; (P) 1.5850; (R1) 1.5923; More…
Intraday bias in EUR/AUD remains neutral first. On the upside, sustained break of the channel resistance will argue that fall from 1.6827 has completed at 1.5591. Stronger rise should be seen to 1.6144 support turned resistance. On the downside, break of 1.5760 minor support will retain near term bearishness, and bring retest of 1.5591 low.
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.
