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• EUR/AUD initially dipped on Friday but recovered ground as shorts ceded some ground ahead of weekend
• EUR/AUD recovered to trade last at 1.6510, Price contained between two Fibo retrace levels, 1.6594 and 1.6439
•The pair trades solidly at 1.6510 levels and has thus far avoided sliding below the critical 61.8%fib support line.
• Immediate resistance is located at 1.6599 ( Daily high), any close above will push the pair towards 1.6608 (38.2%fib)
• Strong support is seen at 1.6430 (61.8%fib) and break below could take the pair towards 1.6399 (Lower BB).
Recommendation: Good to buy around 1.6500, with stop loss of 1.6400 and target price of 1.6580
