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

• EUR/AUD initially gained on Tuesday but gave up some ground as investors booked profits from recent gains.

•After hitting daily high at 1.5878 the pair has retreated to 1.5824.EUR/AUD may need a break above 23.6% fib to clear  assault on 1.5900.

• Technical signals are bullish as RSI is at 59, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.5875 (23.6%fib), any close above will push the pair towards 1.5895(Feb 2nd high).

•  Strong support is seen at 1.5790 (38.2%fib ) and break below could take the pair towards 1.5760 (11DMA).

Recommendation: Good to buy around 1.5810, with stop loss of 1.5750 and target price of 1.5910