EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.6839; (P) 1.6929; (R1) 1.7079; More…

Intraday bias in EUR/AUD remains neutral as it’s staying in consolidation from 1.7126. Another fall cannot be ruled out. but downside should be contained above 1.6593 resistance turned support to bring rally resumption. On the upside, break of 1.7126 will target 200% projection of 1.5962 to 1.6593 from 1.6085 at 1.7347 next.

In the bigger picture, up trend from 1.1602 (2012 low) has just resumed and persistent strong support from 55 week EMA affirm medium term bullishness. 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 is next target. For now, outlook will remain bullish as long as 1.5906 support holds, in case of retreat.