EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5548; (P) 1.5585; (R1) 1.5624; More

Intraday bias in EUR/AUD remains mildly on the upside for 55 day EMA (now at 1.5788). Sustained break there will argue that whole fall from 1.6434 has completed and bring stronger rally. On the downside, through, below 1.5532 minor support turn turn bias back to the downside for 1.5353. Break there will target a test on 1.5250 low.

In the bigger picture, the down trend from 1.9799 (2020 high) is in progress. Firm break of 1.5250 low will confirm resumption nand target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. Sustained break there could bring more downside acceleration to 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623. In any case, break of 1.6434 resistance is needed to signal medium term bottoming, or outlook will stay bearish.

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