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FxWirePro: EUR/AUD consolidating around 1.6380, bias is bullish

• EUR/AUD rally extended towards 1.6400 on Friday as global growth worries, lower commodities prices & record virus cases in Sydney weighed on Australian dollar.

• At GMT 19:17, the pair was trading down 0.36 percent  at 1.6384 ,Highest since  4th Dec 2020.

• EUR/AUD bulls   confidence is running high, Break of 1.6447 (23.6%fib) resistance cannot be ruled out.

• From a technical viewpoint, RSI  is strongly bullish at 75, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

•  Immediate resistance is located at 1.6447 (23.6%fib), any close above will push the pair towards 1.6515 (24th Aug 2020 High).

• Immediate support is seen at 1.6338 (38.2% fib) and break below could take the pair towards 1.6247 (50%fib).

Recommendation: Good to buy on dips around 1.6385, with stop loss of 1.6300 and target price of 1.6450.
 

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