• EUR/AUD strengthened on Wednesdays as the pair remained bid as investors awaited Eurozone PMI e data, which could facilitate a resumption of the recent rally.
• EUR/AUD traded as high as 1.6371 before retreating slightly to trade at 1.6347 .
• EUR/AUD focus is on.2%fib resistance, a break above will accelerate further gains.
•Technical signals are bullish as RSI is at 52, daily momentum studies 5, 9 and 14 DMAs are trending north.
• Immediate resistance is located at 1.6426 (38.2%fib ), any close above will push the pair towards 1.6422 (23.6%fib).
• Strong support is seen at 1.6309 (38.2% fib) and break below could take the pair towards 1.6260 (50% fib).
Recommendation: Good to buy around 1.6330, with stop loss of 1.6230 and target price of 1.6400
