EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5807; (P) 1.5859; (R1) 1.5895; More….

EUR/AUD reaches as high as 1.5976 so far and met mentioned target of 61.8% projection of 1.5258 to 1.5816 from 1.5626 at 1.5971. Intraday bias stays on the upside and break of 1.5971 will target 100% projection at 1.6184 next. On the downside, below 1.5823 minor support will turn intraday bias neural first. But near term outlook will remain bullish as long as 1.5626 support holds.

In the bigger picture, medium term rise from 1.3624 is still in progress for 1.6587 key resistance. At this point, we’d be cautious on strong resistance from there to limit upside. But decisive break will confirm resumption of long term rise from 1.1602. On the downside, break of 1.5153 support is needed to indicate completion of the medium term rise. Otherwise, outlook will remain bullish in case of pull back.

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