EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.5894; (P) 1.5926; (R1) 1.5969; More….

EUR/AUD surges to as high as 1.6028 so far today and intraday bias remains on the upside. Current rally should now target 100% projection of 1.5271 to 1.5886 from 1.5601 at 1.6216, which is close to 1.6189 high. On the downside, below 1.5953 resistance turn support will turn intraday bias neutral and bring consolidation first, before staging another rally.

In the bigger picture, EUR/AUD drew strong support from 55 week EMA and rebounded. And the development argues that medium term rally from 1.3624 (2017 low) is still in progress. Firm break of 1.6189 will target a test on 1.6587 (2015 high). On the downside, break of 1.5601 support will now be the first sign of medium term reversal, and will bring a test on 1.5271 key support for confirmation.