Daily Pivots: (S1) 1.5489; (P) 1.5539; (R1) 1.5618; More…
A temporary low is in place at 1.5456 in EUR/AUD with current recovery. Intraday bias is turned neutral for consolidations. On the downside, break of 1.5456 will resume the fall from 1.6434 to 161.8% projection of 1.6434 to 1.5907 from 1.6232 at 1.5379 next. Break there will target 1.5250 low. Nevertheless, break of 1.5716 will turn bias to the upside for stronger rebound to 55 day EMA (now at 1.5904).
In the bigger picture, rise from 1.5250 medium term bottom is seen as a correction to the down trend from 1.9799 (2020 high) only. With 38.2% retracement of 1.9799 to 1.5250 at 1.6988 intact, such down trend is expected to resume at a later stage. Firm break of 1.5250 will target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. In any case, sustained break of 1.6988 fibonacci level is needed to indicate long term reversal.
