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

• EUR/AUD initially gained on Thursday but gave up ground as investors  digested geopolitical development and the budget announcement by the British Finance Minister Jeremy Hunt. .

•EUR/AUD bulls need to overcome 1.5578, in order to keep the bias on gains. 14-day momentum remains positive, reinforcing the bullish market

•Technical are bullish as RSI is at 49, daily momentum studies  5,9,21 DMA are trending up. 

• Immediate resistance is located at 1.5578 (23.6%fib ), any close above will push the pair towards 1.5618  (Higher BB).

•Strong support is seen at 1.5455(9DMA) and break below could take the pair towards 1.5394(38.2%fib).

Recommendation: Good to sell around 1.5480 with stop loss of 1.5350 and target price of 1.5560
 

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