• EUR/AUD rose higher on Tuesday as weaker Australian dollar and hawkish expectation ECB will raise interest rate on Thursday boosted the pair.
• The European Central Bank is widely expected to lift rates sharply when it meets later this week.
• EUR/AUD bulls confidence is running high, a rise towards 1.4750 level is likely.
• From a technical viewpoint, RSI is strongly bullish at 56, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.4755 (23.6%fib), any close above will push the pair towards 1.4909 (Higher BB).
• Immediate support is seen at 1.4657 (38.2%fib)and break below could take the pair towards 1.4609 (9DMA).
Recommendation: Good to buy on dips around 1.4690, with stop loss of 1.4580 and target price of 1.4750
