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FxWirePro: EUR/AUD gains upside momentum, room for further gains

• EUR/AUD climbed on Friday as weaker Chinese trade data undermined the   Australian dollar  

• China's exports contracted sharply in March while imports unexpectedly shrank, undershooting forecasts by big margins.

• Exports from China slumped 7.5% year-on-year last month by value, customs data showed on Friday, the biggest fall since August last year and compared with a 2.3% decline forecast in a   poll.

• EUR/AUD  has remained solid at 1.6460  and has so far resisted dropping below the important 1.6393 (50%fib) support.

• Immediate resistance is located at 1.6471 (38.2%fib), any close above will push the pair towards 1.6517 (April 11th high).

• Immediate support is seen at 1.6447 (5EMA) and break below could take the pair towards 1.6393 (50%fib).

Recommendation: Good to buy on dips around 1.6450, with stop loss of 1.6300 and target price of 1.6540

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