Daily Pivots: (S1) 1.5400; (P) 1.5468; (R1) 1.5505; More…
Intraday bias in EUR/AUD remains mildly on the downside for 1.5355 support. Break there will bring retest of 1.5250 low. On the upside, above 1.5672 will extend the consolidation from 1.5250 with another rise. But upside should be limited by 38.2% retracement of 1.6827 to 1.5250 at 1.5852 to bring larger down trend resumption.
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.
