• EUR/AUD rally extended on Friday as soured risk sentiment, falling equities , lower oil prices weighed on Australian dollar.
• EUR/AUD is now on course to register a close above 1.5685 (23.6%fib)level, chart points to bigger gains towards 1.5700.
• From a technical viewpoint, RSI is strongly bullish at 60, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.5685 (23.6%fib), any close above will push the pair towards 1.5735 (Higher BB).
• Immediate support is seen at 1.5536 (38.2% fib) and break below could take the pair towards 1.5495 (11DMA).
Recommendation: Good to buy on dips around 1.5670, with stop loss of 1.5600 and target price of 1.5730
