• EUR/AUD rose higher on Wednesday on as broad based Australian dollar selling drove EUR/AUD sharply higher.
•The pair reaches 1.5579 after extending north from 1.7953 (early Asia low). 1.8262 is the highest level since April 8th.
• Technical signals show the pair could gain more ground in the short-term as RSI is pointing higher, daily momentum studies 5, 10 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5600 (38.2% fib), any close above will push the pair towards 1.5702 (50% fib).
• Strong support is seen at 1.5454 (23.6% fib) and break below could take the pair towards 1.5367(Lower BB )
Recommendation: Good to buy around 1.5570, with stop loss of 1.5500 and target price of 1.5650
