Technical Outlook:
Intraday bias in EUR/AUD remains neutral for the moment. We'd still expect strong support and price action holding support levels near term outlook stays bullish with an expectation of further rise. Price actions from 1.4931 are viewed as a consolidation pattern and see an upward bias. An upside breakout through 1.4953 is expected later with price action producing bullish two bar reversal and pair trading with break on trend line.
We can see the rebound on the pair stronger showing sign of medium term bullish movement to upward bias will target projection of 1.4926/1.5049 levels and a break here later test levels of 1.5099. Hence, we'd be expecting resumption of larger up trend from current levels resistance turned support levels. However, a break of support area 1.4931 will dampen our bullish perspective on the pair. Outlook remains bullish on the intraday day chart.
Pivot level at 1.4953
Support Level at 1.4931
