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