• EUR/AUD initially gained on Wednesday but gains faded as the pair was weighed down by stronger Australian dollar .
• Australian dollar strengthened as gains in commodity prices give an added boost to Australian dollar buying.
• Technical signals show RSI is at 58 , daily momentum studies 9, 10 and 11 DMAs are trending upwards
• Immediate resistance is located at 1.5588 (9DMA), any close above will push the pair towards 1.5676(23.6% fib).
• Immediate support is seen at 1.5426(38.2% fib) and break below could take the pair towards 1.5291(Oct 10th low).
Recommendation: Good to buy around 1.5520, with stop loss of 1.4540 and target price of 1.5580
