Daily Pivots: (S1) 1.5557; (P) 1.5602; (R1) 1.5677; More…
Intraday bias in EUR/AUD remains neutral at this point. But outlook stays bearish with 1.5743 resistance intact . On the downside, break of 1.5354 support will resume the whole fall from 1.6434 to retest 1.5250 low. Firm break there will confirm resumption of long term down trend from 1.9799.
In the bigger picture, the down trend from 1.9799 (2020 high) is in progress. Firm break of 1.5250 low will confirm resumption and 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.
