EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5623; (P) 1.5678; (R1) 1.5730; More

EUR/AUD is still extending the corrective pull back from 1.5976 and intraday bias stays neutral. Further rally will remain in favor as long as 1.5441 support holds. Break of 1.5976 will resume larger rise from 1.4281 to 61.8% projection of 1.4281 to 1.5704 from 1.5271 at 1.6150.

In the bigger picture, strong support from 55 day and 55 week EMA affirms underlying bullishness. As long as 1.5271 support holds, rise from 1.4281 medium term bottom is expected to continue to 1.6434 key resistance next. Decisive break there should confirm medium term bullish trend reversal.

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