Daily Pivots: (S1) 1.5508; (P) 1.5594; (R1) 1.5671; More…
Intraday bias in EUR/AUD remains on the downside at this point. Corrective rebound from 1.5354 should have completed with three waves up to 1.6223. Deeper fall should be seen to 1.5250/5354 support zone. For now, risk will stay on the downside as long as 1.5837 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.5250 low are seen as a corrective pattern. Further extension could be seen and another rise cannot be ruled out. But strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.
