• EUR/AUD retreated from daily high on Friday as Indecision gripped as market seeked fresh factors for further direction.
• EUR/AUD traded as high as 1.6460 before retreating slightly to trade at 1.6388.
• A rally towards 1.6500 level is possible should EUR/AUD bulls overcome resistance at 23.6%fib.
• Technical signals are bullish as RSI is at 52, daily momentum studies 5, 9 and 14 DMAs are trending north.
• Immediate resistance is located at 1.6474 (23.6%fib ), any close above will push the pair towards 1.6530(Higher BB).
• Strong support is seen at 1.6323(14DMA) and break below could take the pair towards 1.6232 (50%fib).
Recommendation: Good to buy on dips around 1.6350, with stop loss of 1.6240 and target price of 1.6480
ustain
