• EUR/AUD initially fell on Monday but recovered most of the ground as investors awaited slew of European and U.S. data this week.
• EUR/AUD fell as low as 1.5753 before buyers returned and underpinned .EUR/AUD moving higher into the US afternoon and is sitting around 1.5798
• Technical signals are bullsih as RSI is at 65, daily momentum studies 10,11 and 14 DMAs are trending up.
• Immediate resistance is located at 1.5821 ( 38.2%fib), any close above will push the pair towards 1.5859(Higher BB)
• Immediate support is seen at 1.5773 (5DMA ) and break below could take the pair towards 1.5730 (50 %fib).
Recommendation: Good to buy around 1.5760, with stop loss of 1.5680 and target price of 1.5860.
