• 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.
