FxWirePro: EUR/AUD regains upwards momentum on massive EU stimulus plan,good to buy on dips

• EUR/AUD rose sharply on Wednesday as the pair was lifted by EU recovery fund proposals.

• The pair reaches 1.6701 after extending north from 1.6453 (Daily low). 1.6701 is the highest level since 25th May.

•EUR/AUD remains bullish, as it’s now back above 1.6631 key support level with today’s sharp rise , only a break and daily close below 1.6631 will shift bias to the downside.

• Technical signals are bullish as RSI is turning up sharply , daily momentum studies  5, 10. 11 DMA,  are trending up.

• On the upside, Immediate resistance is located at 1.6740 ( Higher BB), any close above will push the pair towards 1.7565 (38.2 % fib)

• On the downside, support is seen at 1.6631 (5 DMA ) and break below could take the pair towards 1.6471 (Lower BB ).

Recommendation: Good to buy around 1.6650, with stop loss of 1.6600 and target price of 1.6780.