•EUR/AUD retreated from daily high on Wednesday as Indecision gripped as market seeked fresh factors for further direction.
•EUR/AUD traded as high as 1.6190 before retreating slightly to trade at 1.6158.
•A rally towards 1.6190 level is possible should EUR/AUD bulls overcome resistance.
•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 1.6206 (23.6%fib ), any close above will push the pair towards 1.6308(23rd May high).
•Strong support is seen at 1.6071 (38.2% fib) and break below could take the pair towards 1.5989 (11DMA).
Recommendation: Good to buy on dips around 1.6150, with stop loss of 1.6070 and target price of 1.6230
