EUR/AUD Daily Outlook

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Daily Pivots: (S1) 1.6084; (P) 1.6136; (R1) 1.6224; More….

Intraday bias in EUR/AUD stays mildly on the upside at this point. Pull back from 1.6357 should have completed at 1.6048. Further rise would be seen to 1.6357 first. Decisive break there will resume larger up trend for 1.6587 key resistance next. On the downside, even in case of another fall, outlook will stay bullish as long as 1.5984 support holds.

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In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5984 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back. However, sustained break of 1.5984 will be an early sign of trend reversal.