Daily Pivots: (S1) 1.4803; (P) 1.4842; (R1) 1.4906; More…
Intraday bias in EUR/AUD remains neutral at this point but further decline is expected with 1.4965 minor resistance intact. Corrective rebound from 1.4318 should have completed at 1.5277 already. Below 1.4774 will target 1.4597 support next. However, on the upside, break of 1.4965 will dampen this bearish view and turn bias back to the upside for 1.5277 resistance instead.
In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend from 1.9799 (2020 high) is still expected to continue. On resumption, next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.
