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FxWirePro: EUR/AUD consolidating around 1.6225, room for further gains

• 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.
 

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