Daily Pivots: (S1) 1.5489; (P) 1.5537; (R1) 1.5567; More…
Intraday bias in EUR/AUD is turned neutral with current retreat. No change in the view that price actions from 1.5290 are corrective the decline from 1.6827. Above 1.5606 will extend the correction through 1.5689 to 38.2% retracement of 1.6827 to 1.5250 at 1.5852. On the downside, break of 1.5444 minor support will turn bias back to the downside for retesting 1.5250 low 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 1.6033 support turned resistance holds, even in case of strong rebound.
