EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.4538; (P) 1.4627; (R1) 1.4677; More

Intraday bias in EUR/AUD remains neutral and another fall is in favor with 1.4804 resistance intact. Firm break of 1.4318 low will resume larger down trend to medium term projection level at 1.3623. However, break of 1.4804 will delay the bearish case and turn bias to the upside for stronger rebound first.

In the bigger picture, down trend from 1.9799 is still in progress. Break of 1.4318 low will target 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). This will remain the favored case now as long as 1.5396 resistance holds.

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