Corrective Price Moves In EUR/AUD
Trading is neutral, as the cross is staying above support 1.5837. Trading below 1.5837 will aline support 1.5773. Pivot points are at: (S1) 1.5854; (P) 1.5908; (R1) 1.5940.
Price moves from 1.6189 are a corrective. Trading above support turned resistance 1.5966 will back to the upside for 1.6139 and maximum 1.6189. Downside should be contained above 1.5621 and bring a bounce.
A medium term trend reversal is widely awaited. The cross got a strong support from 55 day EMA and rebounded. Running increase from 1.3624 could prolong to key resistance 1.6587. Still, upside should be bounded by strong resistance from 1.6587.