• EUR/AUD rally extended towards 1.4660 on Monday as absence of market clues from Europe due to Easter holidays and weaker Australian dollar supported the pair.
• EUR/AUD bulls confidence is running high, a test of the 1.4771 (38.2%fib) highly seems likely.
• From a technical viewpoint, RSI is pointing higher, daily momentum studies, 5, 10 and 11 trending north.
• Immediate resistance is located at 1.4659 (50%fib), any close above will push the pair towards 1.4771 (38.2%fib).
• Immediate support is seen at 1.4603 (5DMA) and break below could take the pair towards 1.4578 (61.8%fib).
Recommendation: Good to buy on dips around 1.4650, with stop loss of 1.4500 and target price of 1.4750.
