• EUR/AUD initially fell on Monday following SVB and Signature bank collapse but rebounded as converging ECB and Fed rates views lifted the euro.
• EUR/AUD falls sharply but bids emerged around 1.5965, pushing pairs recovery envelop .
• Technical signals are bearish as RSI is at 44.31, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6183 ( March 10th high), any close above will push the pair towards 1.6217(23.6% fib)
• Support is seen at 1.6070 (38.2% fib ) and break below could take the pair towards 1.5956 (50% fib).
Recommendation: Good to buy around 1.6100, with stop loss of 1.6000 and target price of 1.6180.
