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•EUR/AUD strengthened on Tuesday as fresh concerns about the spread of the Omicron variant of COVID-19 hurting risk-sensitive currencies like Australian dollar.
•Investors nervously eyed the spread of the Omicron coronavirus variant and awaited numerous central bank decisions due this week.
•From a technical viewpoint, RSI is bullish at 53, daily momentum studies, 5, 10 and 11 are trending up.
•Immediate resistance is located at 1.5854 (38.2%fib), any close above will push the pair towards 1.5975 (23.6%fib).
•Immediate support is seen at 1.5914(5DMA) and break below could take the pair towards 1.5765 (50%fib).
Recommendation: Good to buy on dips around 1.5820, with stop loss of 1.5600 and target price of 1.5900.
