• EUR/AUD strengthened on Friday as broad Australian dollar weakness helped the gain above 1.6300.
• Lower equity , copper and oil prices weighed on commodity linked Australian dollar
• EUR/AUD approached to test resistance 23.6%fib but retreated as the pair lost strength.
• Technical signals are bullish as RSI is at 60, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 1.6343 (23.6%fib), any close above will push the pair towards 1.6426 (April 21st high).
• Strong support is seen at 1.6233(38.2%fib) and break below could take the pair towards 1.6185 (Daily low).
Recommendation: Good to buy on dips around 1.6290 with stop loss of 1.6200 and target price of 1.6360
