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FxWirePro: EUR/AUD bullish outlook with scope to target 1.6850

• EUR/AUD rose on Friday as dovish outlook from the RBA combined with weaker prices for copper and iron ore prices put pressure on the Australian dollar.

•   Flows were light amid the holiday season, with a year-end liquidity drain contributing to thinner markets.

• Rally towards is 1.6860 possible if  EUR/AUD bulls overcome resistance at 38.2%fib

• Immediate resistance is located at 1.6788(38.2%fib), any close above will push the pair towards 1.6843(Higher BB).

• Strong support is seen at 1.6690(50%fib) and break below could take the pair towards 1.6634 (Dec 26th low).

Recommendation: Good to buy around 1.6750 with stop loss of 1.6670 and target price of 1.6850

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