• EUR/AUD strengthened on Thursday as risk aversion, hawkish Fed and muted China's rate cuts weighed on Australian dollar.
• EUR/AUD gains near 38.2%fib,consolidation likely to continue while market seeks fresh factors.
• From a technical viewpoint, RSI is strongly bullish at 55, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.6247 (38.2%fib), any close above will push the pair towards 1.6373 (23.6%fib).
• Immediate support is seen at 1.6186 (30DMA) and break below could take the pair towards 1.6157 (50%fib).
Recommendation: Good to buy on dips around 1.6200, with stop loss of 1.6150 and target price of 1.6280.
