FxWirePro: EUR/AUD consolidates above 1.5700 after early fall, maintains bullish bias
• EUR/AUD recovered from earlier decline on Monday as stronger than expected Euro zone production data supported euro.
•Eurostat reported that industrial production in the 19 countries that use the euro increased by 0.8% monthly, an increase of 39.3% over the previous year.
• EUR/AUD fell as low as 1.5686 before buyers returned and underpinned .EUR/AUD moving higher into the US afternoon and is sitting around 1.5719.
• Technical signals are bulllish as RSI is at 43, daily momentum studies 5,10 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5727 ( 23.6%fib), any close above will push the pair towards 1.5740 (14DMA).
• Strong support is seen at 1.5677 (30DMA ) and break below could take the pair towards 1.5653(30DMA).
Recommendation: Good to buy around 1.5700, with stop loss of 1.5620 and target price of 1.5770