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

• EUR/AUD initially gained on Monday but gave back some ground as investors digested a slew of Eurozone economic data.

• German industrial orders rose less than expected, while exports rose more than forecast in November. Eurozone retail sale registered a monthly fall of 0.3 percent, reversing the 0.4 percent rise in October.

• Pair traded in 1.6399/1.6269  range and was last trading at 1.6307 into the US afternoon. 

• Technical signals are bullish as RSI is at 51, daily momentum studies  5 and 9 DMAs are trending up. 

• Immediate resistance is located at 1.6380 ( 23.6%fib), any close above will push the pair towards 1.6424 (Higher BB).

• Support is seen at 1.6283 (38.2% fib ) and break below could take the pair towards 1.6183 (50% fib).

Recommendation: Good to buy   around 1.6290, with stop loss of 1.6150 and target price of 1.6360.