• EUR/AUD declined on Monday but encouraging comments from central bank head Christine Lagarde losses limited .
• EUR/AUD dips but found buyers at 1.5782 (5DMA), recovery lifts the pair above 1.5800. A break and daily close above 1.5815 (38.2%fib) will accelerate further gains.
• Market focus is on business activity data for the entire Eurozone, which will be released later this week to understand whether the recent surge in inflation will continue.
• Immediate resistance is located at 1.5815 (38.2%fib), any close above will push the pair towards 1.5858 (Higher BB)
• Support support is seen at 1.5782 (5DMA) and break below could take the pair towards 1.5746 (50%fib).
Recommendation: Good to buy around 1.5780, with stop loss of 1.5700 and target price of 1.5860.
