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• EUR/AUD gained towards 1.5630 on Monday as headwinds due to uncertainty over Australia vaccine rollout weighed on Australian dollar.
• Outlook for Australian dollar soured following setbacks in the Australia's vaccination programme.
• The pair is holding near today's high, A close above 1.5660 (23.6%fib ), will likely trigger a new bullish phase with potential for 1.6700.
• From a technical viewpoint, RSI is strongly bullish at 60.00, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.5660 (23.6%fib ), any close above will push the pair towards 1.5731(Ichimoku Cloud Top).
• Immediate support is seen at 1.5579(50% fib) and break below could take the pair towards 1.5527 (Ichimoku Cloud Base).
Recommendation: Good to buy on dips around 1.5620, with stop loss of 1.5520 and target price of 1.5700
