FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

• EUR/AUD initially dipped but recovered some ground on Monday as above-forecast German inflation suddenly made upcoming ECB meeting more interesting. 

• EUR/AUD recovered to trade last at 1.5890,after erasing   drop amid month-end adjustments and position squaring.

•The pair is currently approaching resistance at 1.5910 ( 38.2%fib). A break above will push the pair towards 1.6000.

• Technical signals are bearish as RSI is at 57, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.5910 ( 38.2%fib), any close above will push the pair towards 1.5983(23.6%fib).

• Strong support is seen at 1.5869 (5 DMA ) and break below could take the pair towards 1.5851 (50%  fib).

  Recommendation: Good to sell on rally around 1.5920, with stop loss of 1.5800 and target price of 1.5980.