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FxWirePro: EUR/AUD bulls rebuilding within solid support at 1.6405

• EUR/AUD initially dipped on Wednesday but recovered  strongly  after  data showed  German business sentiment exceeded expectations with its rise in April.

•The Ifo Institute reported that its business climate index increased to 89.4 in April, surpassing the 88.8 forecasted by analysts in a   poll. This is an improvement from the slightly revised March reading of 87.9.

• EUR/AUD fell as low as 1.6409 before buyers returned. EUR/AUD was last consolidating   at  1.6466 the US afternoon session

•  Immediate resistance is located at 1.6354 ( 38.2%fib), any close above will push the pair towards 1.6436 (30DMA)

• Support is seen at 1.6455 (38.2% fib ) and break below could take the pair towards 1.6405 (50% fib).

Recommendation: Good to buy   around 1.6450 with stop loss of 1.6300 and target price of 1.6520

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