EUR/AUD recovered after dipping to 1.4759 last week. Initial bias stays neutral this week first. Pullback from 1.5277 might have completed at 1.4759. Above 1.5039 will turn bias to the upside for retesting 1.5277 resistance first. On the downside, though, break of 1.4759 will resume the fall from 1.5277 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.
In the longer term picture, fall from 1.9799 (2020 high) is seen as the third leg of the pattern from 2.1127 (2008 high). Deeper fall should be seen to 1.3624 support. Decisive break there would pave the way back to 1.1602 (2012 low).
