• EUR /AUD steadied around on Wednesday as broad Australian dollar weakness helped the the pair rise towards 1.5500 level.
• EUR/AUD consolidation is likely to continue while market seeks fresh factors.
• Technical signals are bullish as RSI is at 51, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 1.5553 (38.2%fib ), any close above will push the pair towards 1.5600 (Higher BB).
• Strong support is seen at 1.5423 (5DMA) and break below could take the pair towards 1.5386 (50%fib).
Recommendation: Good to buy around 1.5460 with stop loss of 1.5380 and target price of 1.5510.
