• EUR/AUD rose on Thursday as Australian dollar weakened on worries over surging COVID-19 outbreaks involving the Delta variant.
• Mood across financial markets has been dour as virus infections are surging globally.
• The pair hit daily high at 1.5948 and was last trading at 1.5940 at (GMT 15:42).
• From a technical viewpoint, RSI is strongly bullish at 62, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5948 (Daily high), any close above will push the pair towards 1.5989 (23.6%fib).
• Immediate support is seen at 1.5896(38.2%fib) and break below could take the pair towards 1.5863 (5DMA).
Recommendation: Good to buy on dips around 1.5920, with stop loss of 1.5860 and target price of 1.6000.
