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• EUR/AUD erased earlier gains on Monday as investors were cautious ahead of RBA Rate Decision.
• Investors await Reserve Bank of Australia (RBA) monetary policy decision, followed by RBA’s Governor Michele Bullock's press conference on Tuesday.
• The pair was trading at 1.6564, not far from the 1 week low of 1.6644 it reached on 18th Jan.
• Technical signals show the pair is set to gain more ground in the short-term as RSI is at 59 bullish, daily and weekly 5, 10 & 21 MAs heading up .
•Immediate resistance is located at 1.6633(23.6%fib), any close above will push the pair towards 1.6673 ( Higher BB)
• Support is seen at 1.6528 (38.2%fib) and break below could take the pair towards 1.6434 (50%fib).
Recommendation: Good to buy around 1.6560, with stop loss of 1.6460 and target price of 1.6650.
