Daily Pivots: (S1) 1.5081; (P) 1.5156; (R1) 1.5197; More….
The sharp fall and break of 1.5108 minor support indicates that EUR/AUD has failed to sustain above 1.5226 resistance. And intraday bias is turned back to the downside for 1.4945 support first. Break there will target 1.4791 support and below. Overall, EUR/AUD could be in a consolidation pattern from 1.5226. Rise from 1.3624 is still expected to resume later.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the price actions from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 support will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
