EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6502; (P) 1.6565; (R1) 1.6684; More…

EUR/AUD surges to as high as 1.6663 as rise from 1.5962 resumed. Intraday bias stays on the upside for 100% projection of 1.5962 to 1.6593 from 1.6085 at 1.6716, and then 1.6785 high. On the downside, below 1.6511 minor support will turn intraday bias neutral and bring consolidations first.

In the bigger picture, EUR/AUD is still bounded in established range of 1.5905/6786. Continuos support from 55 week EMA (now at 1.6122) is seen as an indication of medium term bullishness. For now, larger up trend from 1.1602 (2012 low) is still in favor to continue as long as 1.5962 support holds. Break of 1.6786 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488.