FxWirePro: EUR/AUD uptrend gains momentum, as positive sentiment

• EUR/AUD strengthened  on Thursday as Australian dollar continued to weaken  following RBA's dovish December meeting minutes

• The Reserve Bank of Australia (RBA) released the minutes from its December meeting this week, highlighting the need to keep a restrictive monetary policy for the time being.

• The RBA kept its key interest rate unchanged at 4.35% earlier this month, matching market expectations.

• The bank stunned many with its unexpected dovish tilt during the meeting, pushing markets to elevate the probability of a February rate cut to over 50%.

• Immediate resistance is located at 1.6672 ( 23.6%fib), any close above will push the pair towards 1.6826 (Higher BB).

• Immediate support is seen at 1.6662(38.2%fib) and break below could take the pair towards 1.6563 (50%fib).

Recommendation: Good to buy  around 1.6720, with stop loss of 1.6670 and target price of 1.6850