FxWirePro: EUR/AUD consolidates around 1.6400 , maintains bullish bias

• EUR/AUD strengthened on Tuesday  as the pairs bullish  allure persisted across the board  ahead of Wednesday's U.S inflation data.

• Europe returned to trading with very little on the economic calendar aside from euro zone retail sales for February and the Sentix business survey. 

• A daily close above 1.6418 (23.6% fib)will further improve the technical outlook, and open the possibility of a rally towards 1.6500 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 67 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.6418(23.6% fib), any close above will push the pair towards 1.6451(Higher BB).

• Strong support is seen at 1.6341 (5DMA) and break below could take the pair towards 1.6202(38.2% fib ).

Recommendation: Good to buy around 1.6370, with stop loss of 1.6250 and target price of 1.6470