• EUR/AUD strengthened on Monday as risk-sensitive Australian dollar weakened on growing fears about a looming slowdown in the global economy .
• Investors were troubled that rising interest rates and softening economic data could signal a global recession .
• Pair traded in 1.5177/1.5300 range and was last trading at 1.5196 at 18:02.
• Technical signals are bullish as RSI is at 63, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.5308(Higher BB), any close above will push the pair towards 1.5355 (23.6% fib)
• Strong support is seen at 1.5215(5DMA ) and break below could take the pair towards 1.5166 (Lower BB).
Recommendation: Good to buy around 1.5290, with stop loss of 1.5200 and target price of 1.5350.
