FxWirePro: EUR/AUD positions for another climb, eyes 1.6650 level

• EUR/AUD  extended gains  on Tuesday as risk-sensitive currencies like Aussie dollar weakened as investors were cautious due to growing conflict in the Middle East.

• There was a muted reaction to mixed China data. China's Q1 GDP growth comfortably topped forecasts while March retail sales, output data suggest momentum remained   soft.

• EUR/AUD bulls   confidence is running high, a test of the  1.6663 (23.6%fib) highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 56, daily momentum studies, 5, 10 and 21 daily SMAs all climb.

• Immediate resistance is located at 1.6616(Daily high), any close above will push the pair towards 1.6663 (23.6%fib).

• Immediate support is seen at 1.6560 (38.2% fib) and break below could take the pair towards 1.6500 (EMA 5).

Recommendation: Good to buy on dips around 1.6560, with stop loss of 1.6450  and target price of 1.6650