• EUR/ AUD strengthened Monday as commodity linked currency like Australian weakened against euro on lower commodity prices , rising recession fears and geopolitical tensions .
• Russia rained cruise missiles on busy Ukrainian cities on Monday killing civilians and knocking out power and water suppy rising geopolitical tensions.
• The pair currently is approaching resistance at 23.6%fib. A break above would unmask 1.5500 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 68,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.5456(23.6%fib), any close above will push the pair towards 1.5483(Higher BB).
• Immediate support is seen at 1.5350 (38.2%fib) and break below could take the pair towards 1.5329 (5DMA).
Recommendation: Good to buy around 1.5430, with stop loss of 1.5350 and target price of 1.5500
