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FxWirePro: EUR/AUD loses momentum but outlook is bullish

• EUR/AUD initially gained on Wednesday but pulled back some gains as worries about rising inflation and the Delta variant of the novel coronavirus capped gains.

•EUR/AUD nears 38.2%fib before pulling back near 1.5800 in US session.

• The pair has traded a 73 pip range thus far Wednesday, momentum remains positive .

•Technical signals  are  bullish as RSI is 57, daily momentum studies  9, 11 and 21 DMAs are trending up. 

• Immediate resistance is located at 1.5845 ( Higher BB), any close above will push the pair towards 1.5874 (23.6% fib)

•Strong support is seen at 1.5779 (38.2%fib ) and break below could take the pair towards 1.5784 (23.6%fib).

Recommendation: Good to buy around 1.5800, with stop loss of 1.5700 and target price of 1.5900.

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