EUR/AUD Daily Outlook

EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5350; (P) 1.5392; (R1) 1.5421; More.....

Intraday bias in EUR/AUD is neutral for the moment. We're still favoring the bullish case. The correction from 1.5596 has completed at 1.5029 and recent rally is possibly resuming. Break of 1.5596 will confirm this bullish case and target 61.8% projection of 1.4050 to 1.5596 from 1.5029 at 1.5984 next. However, below 1.5125 minor support will delay the bullish case and extend the consolidation from 1.5596 with another decline.

In the bigger picture, medium term rally from 1.1602 is not completed yet. As long as 1.4050 cluster support holds (38.2% retracement of 1.1602 to 1.5596 at 1.4070), we'd expect another rise to 50% retracement of 2.1127 to 1.1602 at 1.6365 and above. Break of 1.4050 will, however, at least bring deeper correction.