• EUR/AUD retreated back towards 1.5750 on Tuesday as the cross pair failed to break resistance.
• Despite today's EUR/AUD retreat from its highs,euro bulls remain in control eyeing further gains versus the AUD.
• EUR/AUD has been consolidating of late, partly on Eurozone’s vaccine rollout and upbeat Eurozone economic data .
• Technical are bullish, daily RSI is postive at 60, daily momentum studies 5,9 and 11 DMAs are trending north.
• Immediate resistance is located at 1.5821 (Higher BB ), any close above will push the pair towards 1.5856 (Higher BB).
• Strong support is seen at 1.5748 (11MA) and break below could take the pair towards 1.7520(9DMA).(3131
• Recommendation: Good to buy around 1.5740 with stop loss of 1.5650 and target price of 1.5830.
