• EUR/AUD rose on Friday as fall in iron ore, and energy prices undermined Australia dollar.
• Scope is growing for an eventual break above 23.6%fib resistance , an eventual break above 23.6%fib resistance will accelerate further gains.
• From a technical viewpoint, RSI is strongly bullish at 56, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5582 (23.6%fib), any close above will push the pair towards 1.5724 (Oct 24th high).
• Immediate support is seen at 1.5466 (21DMA) and break below could take the pair towards 1.5392(38.2%fib).
Recommendation: Good to buy on dips around 1.5520, with stop loss of 1.5420 and target price of 1.5650
