Daily Pivots: (S1) 1.5719; (P) 1.5745; (R1) 1.5778; More…
Intraday bias in EUR/AUD remains neutral at this point. Risk stays on the downside with 1.5849 resistance intact. Consolidation pattern from 1.5250 might have completed just missing 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Below 1.5665 will target 1.5418 support first. Sustained break there will solidify this bearish case and target a retest of 1.5250 low.
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.
