Daily Pivots: (S1) 1.6566; (P) 1.6627; (R1) 1.6671; More

Intraday bias in EUR/AUD is mildly on the upside for retesting 1.6872 resistance Decisive break there will resume the corrective rebound from 1.6033 and target 38.2% retracement of 1.9799 to 1.6033 at 1.7472. On the downside, however, break of 1.6461 will bring deeper fall to 1.6337 support instead.

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In the bigger picture, EUR/AUD is now back above 55 day EMA (now at 1.6463) with current rebound. The development argues that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.

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