• EUR/AUD eased on Monday as iron-ore & equity gains boosted Australian dollar.
• Investors also awaited the Reserve Bank of Australia’s (RBA) meeting minutes on Tuesday and employment data later in the week .
• EUR/AUD moved back towards 1.6638 after hitting daily high at 1.6694 as bulls ran out of gas , the pair was last down at 0.27% at 1.6638
• 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 1.6698(Daily high), any close above will push the pair towards 1.6741(23.6% fib).
• Strong support is seen at 1.6431(38.2% fib) and break below could take the pair towards 1.6325 (11DMA).
Recommendation: Good to buy on dips around 1.6620, with stop loss of 1.6500 and target price of 1.6700
