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• EUR/AUD retreated from daily high on Tuesday as indecision gripped as market seeked fresh factors for further direction.
• EUR/AUD traded as high as 1.6592 before retreating slightly to trade at 1.6565.
• A rally towards 1.6600 level is possible if EUR/AUD bulls overcome resistance.
• Technical signals are bullish as RSI is flat at 50, daily momentum studies 5 and 9 DMAs are trending north.
• Immediate resistance is located at 1.6615 (23.6%fib ), any close above will push the pair towards 1.6658(March 20th high).
• Strong support is seen at 1.6526 (38.2% fib) and break below could take the pair towards 1.6453(38.2%fib).
Recommendation: Be on sidelines
