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FxWirePro: EUR/AUD beginning to trend higher but hurdle ahead

• 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
 

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