Daily Pivots: (S1) 1.5385; (P) 1.5542; (R1) 1.5666; More…
Intraday bias in EUR/AUD is turned neutral first, as it recovered after dipping to 1.5414. On the downside, below 1.5414 will extend the fall form 1.5976 to 38.2% retracement of 1.4281 to 1.5976 at 1.5329. Nevertheless, on the upside, above 1.5739 minor resistance will suggest that the pull back has finished, and bring retest of 1.5976 high.
In the bigger picture, strong support from 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.
