• EUR/AUD rose higher on Thursday as EU rescue plan encouraged bulls to hold on to longs.
• The pair reaches 1.6343 after extending north from 1.6180 (Daily low). 1.6343 is the highest level since 20th July.
•EUR/AUD remains bullish, a daily close above 1.6373 is likely lead to much bigger moves higher .
• Technical signals are bullish as RSI is turning up sharply , 5, 10 and 21-day MAs are in bullish alignment.
• Immediate resistance is located at 1.6373 ( 50 DMA), any close above will push the pair towards 1.6423 (23.6 % fib)
• Strong support is seen at 1.6270 (5 DMA ) and break below could take the pair towards 1.6144 (Lower BB ).
Recommendation: Good to buy around 1.6300, with stop loss of 1.6150 and target price of 1.6430.
