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FxWirePro: EUR/AUD extends gains, potential for bullish continuation

• EUR/AUD strengthened   on Wednesday as euro attracted  bids after stronger-than-expected Q3 growth reading for the euro zone.

•   Gross domestic product in the 20 countries sharing the euro grew by 0.4% in the third quarter from the previous three months, beating expectations for 0.2%.

•  The biggest surprise came from Germany, the bloc's largest economy, which expanded by 0.2% on higher public and private consumption.

• Rally towards is  1.6600 possible if  EUR/AUD bulls overcome resistance at 23.6%fib.

• Immediate resistance is located at 1.6547(23.6%fib), any close above will push the pair towards 1.6600(Higher BB).

• Strong support is seen at 1.6465 (5SMA) and break below could take the pair towards 1.6499 (50%fib).

Recommendation: Good to buy around 1.6500 with stop loss of 1.6400 and target price of 1.6600

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