Spanish Sponsors Forex Expos EUR/AUD Daily Outlook
EUR/AUD Daily OutlookDaily Pivots: (S1) 1.2619; (P) 1.2648; (R1) 1.2696; More.
Intraday bias in EUR/AUR remains neutral for the moment. With 1.2783 resistance intact, choppy fall from 1.2900 is still in favor to continue and below 1.2571 will extend the decline towards 1.2261 support first. Also, such development will revive the case that rebound from 1.2132 is already finished at 1.2900, ahead of 1.2927 key resistance. On the upside, though, above 1.2783 will indicate that corrective fall from 1.2900 is finished at 1.2571 already. In such case bias will be flipped back to the upside for 1.2900 and above to resume the whole rebound from 1.2132.
In the bigger picture, the rebound from 1.2132 was corrective looking and was limited below 1.2927 key support turned resistance. The development suggests that it's merely a correction in the larger down trend from 2.1127 (2008 high) and should have finished. That is, such down trend is still in progress for 1.2 psychological level and below. On the upside, we'd maintain that sustained break of 1.2927 is needed to confirm that a bottom is in place at 1.2131. Otherwise, outlook will stay bearish.