FxWirePro : EUR/AUD bull lose traction, cannot add to overnight gains

• EUR/AUD strengthened on Tuesday as rise in COVID Delta-variant cases decreased demand for riskier currencies such as the Australian dollar.

• EUR/AUD climbs above 1.6050 and holds near the day's high in late US session. Close above 1.6199 (23.6%  fib), sets up stage for run towards 1.6200.

• Technical signals are bullish as RSI is trending  up, daily momentum studies  5, 9 and 10 DMAs are heading upwards. 

• Immediate resistance is located at 1.6119 (23.6%  fib), any close above will push the pair towards 1.6151 (20th Dec 2020 high).

• Support is seen at 1.6034 (38.2%fib ) and break below could take the pair towards 1.5970 (50%  fib).

Recommendation: Good to buy around 1.6020, with stop loss of 1.5970 and target price of 1.6100.