• EUR/AUD initially dipped on Wednesday but recovered strongly after data showed German business sentiment exceeded expectations with its rise in April.
•The Ifo Institute reported that its business climate index increased to 89.4 in April, surpassing the 88.8 forecasted by analysts in a poll. This is an improvement from the slightly revised March reading of 87.9.
• EUR/AUD fell as low as 1.6409 before buyers returned. EUR/AUD was last consolidating at 1.6466 the US afternoon session
• Immediate resistance is located at 1.6354 ( 38.2%fib), any close above will push the pair towards 1.6436 (30DMA)
• Support is seen at 1.6455 (38.2% fib ) and break below could take the pair towards 1.6405 (50% fib).
Recommendation: Good to buy around 1.6450 with stop loss of 1.6300 and target price of 1.6520
