EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6183; (P) 1.6270; (R1) 1.6320;
Intraday bias in EUR/AUD remains neutral first. As long as 1.6175 minor support holds, further rise is expected in the cross. On the upside, firm break of 1.6353 resistance will resume larger up trend and target 1.6857 key resistance next. However, break of 1.6175 will dampen the bullish case and extend the consolidation pattern from 1.6353 with another fall.
In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5984 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8766; (P) 0.8788; (R1) 0.8802;
EUR/GBP’s fall is still in progress and intraday bias remains on the downside. Current decline fro 0.9097 should target 0.8620 low next. Decisive break there will resume whole down trend from 0.9304. In that case, next target will be 100% projection of 0.9305 to 0.8620 from 0.9097 at 0.8412. On the upside, break of 0.8847 support turned resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current development suggests that fall from 0.9303, as a down leg in the pattern, is still in progress. But in case of deeper fall, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 (2015 low) to 0.9304 at 0.8120, to bring rebound.
