• EUR/AUD strengthened on Thursday as euro was buoyed by global economic data on the labour market and the services sector.
• EUR/AUD gains near 38.2%fib,consolidation likely to continue while market seeks fresh factors.
• From a technical viewpoint, RSI is strongly bullish at 59, daily momentum studies, 5, 10 and 11 daily MAs all climb.
• Immediate resistance is located at 1.5623 (38.2%fib), any close above will push the pair towards 1.5700 (Psychological level).
• Immediate support is seen at 1.5530(Ichimoku cloud base)and break below could take the pair towards 1.5491(9EMA).
Recommendation: Good to buy on dips around 1.5590, with stop loss of 1.5500 and target price of 1.5670.
