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EUR/AUD Daily Outlook

Novia
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Daily Pivots: (S1) 1.6221; (P) 1.6279; (R1) 1.6382;

Intraday bias in EUR/AUD remains neural as consolidation from 1.6033 is still extending. Outlook stays bearish as long as 1.6585 resistance holds. On the downside, break of 1.6033 will resume the whole fall from 1.9799, towards long term EMA at 1.5792. Nevertheless, on the upside, break of 1.6585 resistance should confirm short term bottoming and turn bias to the upside for stronger rebound.

EUR/AUD Daily Outlook

In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 55 month EMA (now at 1.5792). Sustained break there will pave the way to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. This will remain the preferred case now as long as 1.6586 resistance holds.

EUR/AUD Daily Outlook

Reprinted from ActionForex，the copyright all reserved by the original author.

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