FxWirePro: EUR/AUD gains some upside momentum ,eyes 1.6400 level

• EUR/AUD strengthened on Thursday as higher US yields falling Iron-ore , copper prices weighed on Australian dollar.

• Copper prices extended declines on Thursday to hit two-month lows, weighed down by a stronger U.S. dollar and concerns about demand from top consumer China.

• Iron ore futures prices fell to a three-week low on Thursday, as supply of the crucial steelmaking component remained steady despite a lower steel market outlook.

• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action. 

• Technical signals are bullish as RSI is at 53, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.6362 ( 38.2%fib), any close above will push the pair towards 1.6446(23.6%fib)

• Strong  support is seen at 1.6293 (50%fib ) and break below could take the pair towards 1.6223 (61.8%fib).

Recommendation: Good to buy  around 1.6340, with stop loss of 1.6300  and target price of 1.6400