• EUR/AUD rose higher on Wednesday on as broad based Australian dollar selling drove EUR/AUD sharply higher towards.
•The pair reaches 1.6474 after extending north from 1.6287 (Daily low). 1.6474 is the highest level since May 5th.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies 5, 10 and 21 DMAs are trending up.
• Immediate resistance is located at 1.6493 (23.6% fib), any close above will push the pair towards 1.6593 (April 25th high).
• Strong support is seen at 1.6343 (5DMA) and break below could take the pair towards 1.6269 (38.2% fib )
Recommendation: Good to buy around 1.6400, with stop loss of 1.6320 and target price of 1.6480
