EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5617; (P) 1.5680; (R1) 1.5740
EUR/AUD’s break of 55-day EMA suggests that a short-term top was formed at 1.5976. Intraday bias is now on the downside for correction to 38.2% retracement of 1.4281 to 1.5976 at 1.5329. On the upside, above 1.5739 minor resistance will suggest that the pullback has finished, and bring a retest of 1.5976 high.
In the bigger picture, strong support from 55 weeks EMA affirms underlying bullishness. As long as the 1.5271 support holds, the rise from the 1.4281 medium-term bottoms is expected to continue to the 1.6434 key resistance next. Decisive break there should confirm a medium-term bullish trend reversal.
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