FxWirePro: EUR/AUD gives back much of early gain but bias still bullish

• EUR/AUD declined on Monday as  retreat of UST yields helped  AUD regain composure vs EUR .

• EUR/AUD hit low at  1.5518 and trades  at 1.5536  in US session. 

• EUR/AUD charged up to 1.5657 before running into decent selling, buy on dips strategy prevails & techs highlight upside  risks.

• Technical signals are bullish as RSI is at 51, daily momentum studies  5  and 9 DMAs are trending down. 

• Immediate resistance is located at 1.5611 ( 38.2%fib), any close above will push the pair towards 1.5643 (30DMA).

• Immediate support is seen at 1.5457 (23.6%fib ) and break below could take the pair towards 1.5271 (Lower BB).

Recommendation: Good to buy around 1.5500, with stop loss of 1.5400 and target price of 1.5650.