• EUR/AUD strengthened on Wednesday as the pair recovered from early dip as investors awaited monetary policy decision from the U.S. Federal Reserve.
• The euro erased Tuesday's losses against the Australian dollar , the pair was last up at 0.64% at 1.6376 .
• From a technical viewpoint, RSI is bullish at 51, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.6400 (5DMA), any close above will push the pair towards 1.6491(23.6%fib).
• Immediate support is seen at 1.6368 (38.2%fib) and break below could take the pair towards 1.6267 (50%fib).
Recommendation: Good to buy on dips around 1.6360, with stop loss of 1.6290 and target price of 1.6450
