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FxWirePro: EUR/AUD steadies above 1.6500, retains bid tone

• EUR/AUD rose higher on Wednesday  as  the pair was supported by  hawkish commentary from European Central Bank (ECB) policymakers  .

• EUR/AUD reaches 1.6557 after extending north from 1.6390 (Monday's low),0.7165  , 20 pips shy of 23.6%fib%  resistence.

• Technical signals are turning bullish as RSI is turning higher at 68, daily momentum studies  5, 9 and 10 DMAs are trending up.

•   Immediate resistance is located at 1.6557( 23.6%fib), any close above will push the pair towards 1.6602 ( Higher BB)

•  Strong support is seen at 1.6418(38.2% fib  ) and break below could take the pair towards 1.6381 (Daily low).

  Recommendation: Good to buy around 1.6530, with stop loss of 1.6420 and target price of 1.6620.

 

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