• EUR/AUD steadied on Monday as euro was boosted after data showed German business sentiment increased for a third straight month in December.
• The Ifo institute said its business climate index rose to 88.6 from a revised reading of 86.4 in November and compared with a forecast of 87.4
• At GMT 16:48, the pair was trading 0.02% higher at 1.5828, after hitting daily high at 1.5912.
• From a technical viewpoint, RSI is strongly bullish at 63, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.5862(Daily high), any close above will push the pair towards 1.5994(23.6% fib).
• Immediate support is seen at 1.5788 (38.2% fib) and break below could take the pair towards 1.5722(5DMA).
Recommendation: Good to buy on dips around 1.5820, with stop loss of 1.5760 and target price of 1.5920.
