• EUR/AUD rose higher on Wednesday as the pair attracted buying interest after U.S. inflation rose more than expected in March.
• Data showed the Consumer Price Index (CPI) rose 0.4% on a monthly basis in March, compared with the 0.3% increase expected by economists .
• EUR/AUD bulls confidence is running high, a rise towards 1.6580 level is likely.
• From a technical viewpoint, RSI is strongly bullish at 51, daily momentum studies, 9, 11 and 21 daily EMAs all climb.
• Immediate resistance is located at 1.6519 (23.6% fib), any close above will push the pair towards 1.6565 (April 3rd high).
• Immediate support is seen at 1.6477 (EMA9)and break below could take the pair towards 1.6456 (38.2% fib).
Recommendation: Good to buy on dips around 1.6480, with stop loss of 1.6400 and target price of 1.6550
