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FxWirePro: EUR/AUD rebounds, critical resistance lies ahead

• 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

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