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FxWirePro: EUR/AUD consolidating around 1.5060, bias is bullish

Wednesday, May 25, 2022 11:50 PM UTC

• EUR/AUD steadied on Wednesday as hawkish ECB rhetoric kept euro supported against Australian dollar.

• Price action shows consolidation of gains, 10-DMA poised to cross above 21-DMA, will be a bull signal once it occur.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.

• Immediate resistance is located at 1.5149(23.6%fib), any close above will push the pair towards 1.5203(Daily high).

• Strong support is seen at 1.5024(10DMA) and break below could take the pair towards 1.4965(38.2%fib).

Recommendation: Good to buy around 1.5060 with stop loss of 1.4900 and target price of 1.5120

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FxWirePro: EUR/AUD consolidating around 1.5060, bias is bullish

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