EUR/AUD: Trend Reversal Is Expected
Trading is on the downside for 100% projection of 1.6353 to 1.6051 from 1.6252 at 1.5950, as corrective fall from 1.6353 continues. The cross recovers, but there is no confirmation of a short term trend reversal yet. Pivot points are at: (S1) 1.5992; (P) 1.6045; (R1) 1.6079.
Downside should be contained above 1.5886 cluster support (61.8% retracement of 1.5601 to 1.6353 at 1.5888). Trading above 1.6252 will bring retesting on 1.6353.
Uptrend from 1.3624 is extending, and further growth should be seen to retest 1.6587. Overcoming of support 1.5601 will be the first signal of a medium term trend reversal. Break of 1.6587 will renew the long term growth and aline fibonacci level 1.7488.