Daily Pivots: (S1) 1.5669; (P) 1.5717; (R1) 1.5741; More…
Intraday bias in EUR/AUD remains on the downside for retesting 1.5591 support. Break there will resume larger down trend and target 61.8% projection of 1.6409 to 1.5591 from 1.5945 at 1.5439. On the upside, however, break of 1.5945 resistance will resume the rebound from 1.5591 instead.
In the bigger picture, price actions from 1.9799 are 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.
