EUR/AUD's rebound from 1.1602 short term top extended further to as high as 1.2070 last week and broke 55 days EMA as expected. Further rise cannot be ruled out yet but we'd continue to expect upside to be limited by 1.2132, which is close to 38.2% retracement of 1.3028 to 1.1602 at 1.2147, to complete the rebound. The larger downtrend is still expected to continue later and below 1.1901 minor support will flip bias back to the downside for retesting 1.1602 first. Though, decisive break of 1.2132 will pave the way to 61.8% retracement at 1.2483 instead.