• EUR/AUD declined on Wednesday as euro attracted sellers amid the growing European financial turmoil.
• Credit Suisse shares fell 24% and there were growing calls for the Swiss National Bank to step in and at least verbally support the bank..
• A rally towards bigger resistance (1.6087) zone is possible if EUR/AUD bulls overcome resistance at 1.6057(38.2% fib).
• Technical signals are bullishas RSI is at 61, daily momentum studies 9, 11 and 14 DMAs are trending up.
• Immediate resistance is located at 1.6057(38.2% fib), any close above will push the pair towards 1.6087 (Daily high)
• Support is seen at 1.5965(5DMA) and break below could take the pair towards 1.5931(50% fib).
Recommendation: Good to buy around 1.5970, with stop loss of 1.5860 and target price of 1.6080
