Recovery In EUR/AUD
Trading is neutral, as the cross recovered after hitting of 1.5519. Overcoming of 1.5519 will indicate resumption of the fall from 1.6357 to cluster support zone 1.5271/5313. Pivot points are at: (S1) 1.5518; (P) 1.5554; (R1) 1.5604.
Trading above minor resistance 1.5633 will delay the bearish case. In that case, the consolidation from 1.5519 will extend with another rise. Upside should be limited by 38.2% retracement of 1.6357 to 1.5519 at 1.5839 to bring fall resumption.
Uptrend from 1.3624 is possibly completed at 1.6357, ahead of 1.6587. Deeper fall is expected to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. Overcoming of 1.6357 will confirm uptrend resumption.