• EUR/AUD rose on Thursday as fears of a global growth slowdown weighed on Australian dollar.
• The Australian dollar dipped against euro , having failed to get any lift from higher oil prices.
• EUR/AUD bulls confidence is running high, a test of the 1.4963 (50%fib) highly seems likely.
• From a technical viewpoint, RSI is strongly bullish at 51, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.4772 (38.2%fib), any close above will push the pair towards 1.4842 (Higher BB).
• Immediate support is seen at 1.5446 (23.6%fib) and break below could take the pair towards 1.4416 (Lower BB).
Recommendation: Good to buy on dips around 1.4680, with stop loss of 1.4560 and target price of 1.4740.
