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FxWirePro: EUR/AUD intraday upside momentum strong after upbeat German Ifo data

• EUR/AUD rose on Tuesday as upbeat German Ifo data boosted euro across the board. • German business morale brightened to hit a two-year high in May as COVID-19 curbs were eased and infections fell. • EUR/AUD bulls confi…

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FxWirePro: EUR/AUD intraday upside momentum strong after upbeat German Ifo data
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• EUR/AUD rose on Tuesday as upbeat German Ifo data boosted euro across the board.

• German business morale brightened to hit a two-year high in May as COVID-19 curbs were eased and infections fell. 

• EUR/AUD bulls   confidence is running high, further gains are likely due to influences from the Fed's inflation rhetoric and technicals.

• From a technical viewpoint, RSI  is strongly bullish at 67, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.5800 (Higher BB), any close above will push the pair towards 1.5847 (23.6%%fib).

•    Immediate support is seen at 1.5570 (5DMA) and break below could take the pair towards 1.5728 (38.2%fib).

Recommendation: Good to buy on dips around 1.5750, with stop loss of 1.5650 and target price of 1.5850.
 

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