• EUR/AUD steadied on Wednesday as the pairs bullish allure persisted across the board.
• EUR/AUD gained up to 1.6276 ,consolidation is likely to continue while market seeks fresh factors
• From a technical viewpoint, RSI is flat at 48, daily momentum studies, 5, and 9 daily trending up.
• Immediate resistance is located at 1.6336(23.6%fib), any close above will push the pair towards 1.6406 (21DMA).
• Immediate support is seen at 1.6216(May 16th low) and break below could take the pair towards 1.6146 (38.2%fib).
Recommendation: Good to buy on dips around 1.6275, with stop loss of 1.6150 and target price of 1.6350
