EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5728; (P) 1.5774; (R1) 1.5804; More

Outlook in EUR/AUD remains unchanged as price actions from 1.5250 are seen as a consolidation pattern. Upside should be limited by 38.2% retracement of 1.6827 to 1.5250 at 1.5852 to bring down trend resumption. Break of 1.5603 minor support will turn bias to the downside for retesting 1.5250 low. However, sustained break of 1.5852 will bring further rally back to 1.6033 support turned resistance.

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.

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