EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.7509; (P) 1.7748; (R1) 1.8155; More…

Intraday bias in EUR/AUD remains on the upside at this point. Current rally is part of larger up trend with next medium term target at 1.8619 fibonacci level. Though, break of 1.7286 support will indicate short term topping and bring lengthier consolidations first.

In the bigger picture, up trend from 1.1602 (2012 low) has just resumed and persistent strong support from 55 week EMA affirms medium term bullishness. Current up trend should now target 100% projection of 1.1602 to 1.6597 from 1.3524 at 1.8619. In any case, outlook will remain bullish as long as 1.5906 support holds, in case of deep pull back.