• EUR/AUD strengthened on Monday as as the pairs bullish allure persisted across the board despite geopolitical tensions .
• EUR/AUD gains near 23.6%fib,consolidation likely to continue while market seeks fresh factors.
• From a technical viewpoint, RSI is strongly bullish at 62, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.6402 (23.6%fib), any close above will push the pair towards 1.6476 (Higher BB).
• Immediate support is seen at 1.6276 (50DMA) and break below could take the pair towards 1.6193 (38.2%fib).
Recommendation: Good to buy on dips around 1.6320, with stop loss of 1.6220 and target price of 1.6380
