Recoil of EUR/AUD May Prolong
Stance of trading is neutral, as the pair is staying in a range of 1.5259/5494. The correction from 1.5770 continues. Pivot points are at: (S1) 1.5338; (P) 1.5381; (R1) 1.5449.
The pair will target support 1.4949 in case of another drop. Trading below 1.5259 will back to the downside. Overcoming of 1.5494 will widen the recoil from 1.5153.
Price moves from 1.5770 are corrective. The medium term growth from 1.3624 continues, and break of 1.5770 will widen the growth to retest maximum 1.6587. Overcoming of support 1.4949 will indicate a medium term trend reversal and bring retesting of a minimum 1.3624.