Daily Pivots: (S1) 1.5814; (P) 1.5847; (R1) 1.5892; More

Intraday bias in EUR/AUD is back on the upside as recent rise resumes. Sustained trading above 38.2% retracement of 1.6827 to 1.5250 at 1.5852 will bring stronger rise to 1.6033 key support turned resistance. On the downside, break of 1.5699 support will turn bias back to the downside for 1.5418 support instead.

In the bigger picture, price actions from 1.9799 are developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6033 support turned resistance holds, even in case of strong rebound. However, firm break of 1.6033 will argue that such decline has completed, and turn focus to 1.6827 structural resistance for confirmation.

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